Council Provided Information - 5/21/2024MEMO | April 22, 2024
To: Salt Lake City Library Board of Directors
Salt Lake City Council
From: Noah Baskett, Executive Director
Re: Library Budget Amendment 3 for FY2023-24
The Library’s FY2023-24 budget includes an estimate of revenue and expenditure accounts for the
Inland Port and Convention Center Hotel pass through funds. Along with various other entities, the
Library is required by State law to account for these funds that are never actually deposited into the
Library’s accounts. The FY23 budget amounts for these offsetting revenues and expenditures were
$600,000, while the actual amount of the pass through was $987,705. In FY24, $800,000 was budgeted
for the pass through and the Library has now received notice that the actual amount is $1,557,572. In
March, the Board of Directors approved a budget amendment to address this Inland Port and
Convention Center Hotel pass through.
In addition, staff has recently determined that another pass through exists to fund the Community
Reinvestment Agency. The revenue and expenditure assessed to the Library for this pass through in
FY24 is $2,136,197.
These amounts will require a budget amendment increasing the Library’s General Fund budget by
$2,893,769, as outlined in the table below:
Account Name Current Budget
Amount
Proposed Budget
Amount
Difference
Funding Source
Property Taxes-Pass Through 800,000 3,693,769 2,893,769
Totals $800,000 $3,693,769 $2,893,769
Expenditures
Payments to Other
Governments 800,000 3,693,769 2,893,769
Totals $800,000 $3,693,769 $2,893,769
The net impact of this adjustment is zero as the expenditure increase is offset by the increase in
revenue. Library staff is actively working with the City’s Finance Department to forecast and align our
budgets for the pass through revenue in the future.
Recommended Motion:
Move to approve an increase in the Library’s FY24 General Fund budget of $2,893,769, inclusive of the
prior approval for an increase of $757,572.