, _\ THE CORPORATION OF THE CITY OF PORT COQUITLAM C 0 [J N c | [L

MEMO
: MAY 28 1984

TO: B. Kirk, DATE: May 22, 1984.
City Administrator.

FROM: Administration Committee.

SUBJECT: Library Reserve.

RECOMMENDATION:

That the funds remaining in the library reserve after our 1984 budgeted
expenditures be transferred to our tax sale reserve and that our internal
debt charges on the Terry Fox Library borrowing be adjusted accordingly.

BACKGROUND & COMMENTS:

The library reserve was established in 1975 for the purpose of saving
money to construct a new library. Now that the new library is built, it
is felt that the borrowing created, should be reduced by the amount pre-
viously set aside for library construction.

Thig will result in the addition of approximately $105,000 to our Tax
Sale Reserve Fund.