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<br />*Item # 3.4.* <br /> <br /> <br />MEMORANDUM <br /> <br />TO: Mayor and City Council <br /> <br />FROM: Lori Johnson, Finance and Administrative Services/Interim City <br />Administrator <br /> <br />DATE: December 19,2005 <br /> <br />SUBJECT: Consider Payment to I.S.D 728 for Little Theater <br /> <br />This is the fmal year of a five year agreement approved by the Council in 2001 to pay LS.D. <br />728 $112,600 per year for a total of $563,000 for the Litde Theater. Past payments were <br />funded through the General Fund and the NSP Reserve Fund when funds were not available <br />in the General Fund. In 2004 the payment was made from the designated 2003 fund balance <br />of the General Fund that exceeded 41.5 percent. The 2004 fund balance did not exceed the <br />41.5 percent by enough to fund this payment in full. The NSP Reserve fund currendy has a <br />cash balance of $657,000. <br /> <br />Recommendation <br />It is recommended that the City Council make the fmal payment of $112,600 from the NSP <br />Reserve fund. <br /> <br />s: \ Council\Lori \2005 \Little TheatrePayment1.doc <br />