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2013 <br /> Budget Adjustments <br /> Tally Sheet <br /> Department Code Rev Exp FB <br /> NGA-9 'Library Reserve 'Amendment-Endowment Funds Transfer 152A I 386,000 (386,000) <br /> Over the years the City Library has received several bequests. In the absence of a library <br /> foundation, the funds have been invested by the City in accordance with accepted government <br /> practice which places strict limits on how such funds may be invested. <br /> The Library Board of Trustees would like to transfer the Koffski and Nordlund endowments to the <br /> Greater Everett Community Foundation (GECF)to invest. GECF already holds most of the <br /> library's endowment funds, and has proven to be both a good steward of these funds and able to <br /> realize higher earnings than the City in most years. The funds will be used in the same way that <br /> they have under City stewardship. The Nordlund endowment supports local history and <br /> gardening, and the Koffski endowment supports library programs and staff training. <br /> Increase miscellaneous expenditures(close Koffski fund) 152 5747494494 329,500 <br /> Increase miscellaneous expenditures(close Nordlund fund) 152 5750000494 56,500 <br /> Decrease ending fund balance 152 5980740490 329,500 <br /> Decrease ending fund balance 152 5980750490 56,500 <br /> ATTACHMENT A <br /> Tally 2013 8/21/2013 <br />