HomeMy WebLinkAbout20 - Check from Martha Fleener TrustCITY OF NEWPORT BEACH
CITY COUNCIL STAFF REPORT
Agenda Item No. 20
May 13, 2008
TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: LINDA KATSOULEAS
LIBRARY SERVICES DIRECTOR, 949 - 717 -3810
Ikatsouleas @city.newport- beach.ca.us
SUBJECT: BUDGET AMENDMENT TO ACCEPT A CHECK FROM THE MARTHA
JANE FLEENER TRUST AND APPROPRIATE FUNDS FOR
MAINTENANCE AND OPERATIONS BUDGET FOR FY 2007/08.
RECOMMENDATION:
Approve a Budget Amendment to increase revenue estimates by $12,000 in Account
No. 4010 -5901 (Library Private Donations /Contributions) and to increase expenditure
appropriations in 4010 -9000 (Library Support Services -Office Equipment) by the same
amount due to the third receipt of funds from the Martha J. Fleener Trust.
DISCUSSION:
A check to the Newport Beach Public Library from The Martha Jane Fleener Trust in the
amount of $12,000 was accepted by the Board of Library Trustees on April 15, 2008.
The donation was received from Gerald A. Wolf, Successor Trustee of The Martha Jane
Fleener Trust, and deposited into 4010 -5901 on April 23, 2008. The entire amount will
be deposited into 4010 -9000 expenditure account toward payment for the purchase of a
new librarians /reference desk for the children's room at the Central Library.
The children's room at the Central Library is one of the busiest places in the library.
The current desk is badly worn and needs to be replaced after 13 years of loving use by
hordes of children and their caregivers. The Library staff consulted with both the
General Services Department and a private firm. Both recommended purchasing a new
desk rather than trying to refurbish the current desk. The library staff has found an
appropriate desk through one of our regular vendors.
As part of purchasing a new desk we will reorient the children's room so that the desk
faces the entrance. This will help us provide even better service for our youngest
customers.
The funds will be deposited in the expenditure account as specified:
Total Amount of Check $12,000
Submitted by:
i
PH
•. •. - • . �- � •
Attachments: Copy of letter from Wolf Law Firm and cash receipt for $12,000.
GERALD A. WOLF _SOCCTTEE 11 "50
MARTHA FLEENER TRUST - -CS$t Smith bcrney
2677N. MAIN STR., S# 930 55- 72651212
SANTA ANA, CA- 92705f6W2
ate
Pay to the
Order or Newport Beach Public Library I,$. 12,000.00
Twelve Thousand & 00 /XX ----- - -w - - - - - -- Dollars 8
I ❑ FINANCIAL MANACEMENT ACCOUNT
j 800- 423 -7248
1. Citibnnk,N.A, ngle wd Cls,N.J.
For Partial Dist. (3rd) A. ihCG- 7w
i:0212726551C 108433`02380• 1150
WOLF LAW FIRM
GERALD A. WOLF
Also Member Arizona Bar
April 16, 2008
Newport Beach Public Library
c/o City of Newport Beach
3300 Newport Blvd.
Newport Beach CA 92663
Attention: Dennis D. Danner
Re: Martha Jane Fleener Trust
Third Accounting of Successor Trustee
Third Distribution (Partial)
Check No. 1150
Amount of Check $12,000.00
Dear Mr. Danner:
2677 North Main Street
Suite 930
Santa Ana CA 92705.6632
7141972.2212
FAX 7141972 -0926
wolliawtirm @aol.com
Enclosed are the following:
1. Third Report and Accounting of Successor Trustee for the Martha Jane
Fleener Trust U /A/D May 2, 1988 (the 'Trust') prepared by Gerald A.
Wolf, Successor Trustee for the period of December 1, 2007 through
March 31, 2008.
2. Check Number 1150 in the amount of $12,000.00 drawn on the account
of the Trust at CitiGroup. This check represents the third distribution of
cash to.you as a beneficiary of the Trust by the Successor Trustee.
3. Consent to Third Accounting for the Accounting Period of December 1,
2007 through March 31, 2008.
4. Receipt of Third Distribution
All of the beneficiaries of the Trust consented in writing to the acts of the
Successor Trustee as accounted for in the Second Accounting which covered the
period of July 1, 2007 through November 30, 2007. The Third Accounting covers the
period of December 1, 2007 through March 31, 2008.
Attached to the Accounting is a copy of the March 31, 2008. CitiGroup Smith
Barney stock brokerage account statement for the Trust. All of the assets of the Trust
are held in the stock brokerage account at CitiGroup Smith Barney. The account
number and the reference number have been redacted for security purposes. Also,
attached is an accounting by the Successor Trustee of the Administration of the Trust
from December 1, 2007 through March 31, 2008 which contains a list of the Assets on
Hand as of December 1, 2007 and as of March 31, 2008.
CITY OF NEWPORT BEACH
ADMINISTRATIVE SERVICES CASH RECEIPT
u z 3300 NEWPORT BLVD..
qa� «OR��P P.O. BOX 1768, NEWPORT BEACH, CA 92658 -8915
RECEIPT NUMBER: 01000083837
RECEIVED BY: MOLINA PAYOR: WOLF, GERALD A
TODAY'S DATE: 04/22/08 REGISTER DATE: 04/23/08 TIME: 17:15:37
40105901 PRVT DONATIONS /CONTRIB NEWPORT BEACH PUBLIC LIBR $12,000.00
TOTAL DUE: $12,000.00
CASH PAID CHECK PAID,,, , P TENDERED CHANGE
00 $lz,000"r i s�o� �,. $12,000 $.00
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City of Newport Beach NO. BA- 08BA -066
BUDGET AMENDMENT
2007 -08 AMOUNT: 512,000.00
EFFECT ON BUDGETARY FUND BALANCE:
X Increase Revenue Estimates Increase in Budgetary Fund Balance
X Increase Expenditure Appropriations AND Decrease in Budgetary Fund Balance
Transfer Budget Appropriations PX No effect on Budgetary Fund Balance
SOURCE:
from existing budget appropriations
X from additional estimated revenues
from unappropriated fund balance
EXPLANATION:
This budget amendment is requested to provide for the following:
To increase revenue estimates and expenditure appropriations from the Martha Jane Fleener Trust to purchase
a new desk for the children's room at the Central Library.
ACCOUNTING ENTRY:
BUDGETARY FUND BALANCE Amount
Fund Account Description Debit Credit
REVENUE ESTIMATES (3601)
Fund/Division Account Description
4010 5901 Library - Private Donations $12,000.00
EXPENDITURE APPROPRIATIONS (3603)
Description
Division Number 4010 Library - Support Services
Account Number 9000 Office Equipment $12,000.00
Division Number
Account Number
Division Number
Account Number
Division Number
Account Number
Division Number
Account Number
` Automatic System Entry.
Signed:
nancial Approval: Administr a Services Director Date
Signed: '50 O
Administrative Appro al: City Manager to
Signed:
City Council Approval: City Clerk Date