ROSWELL NEW MEXICO
COMMITTEE AGENDA ITEM ABSTRACT
COMMITTEE AGENDA ITEM ABSTRACT
Item No. 19.
Regular City Council Meeting
- Meeting Date:
- 08/14/2025
COMMITTEE:
Finance
CONTACT:
Toni Gomez
CHAIR:
Robert B. Corn
ACTION REQUESTED:
Consider approval of a budget adjustment in the amount of $129,405.88 to accommodate a payment from the fine art insurance claim from the October flood. (Corn/Brooks)
BACKGROUND:
Initiated by: Caroline Brooks
This request is for a budget adjustment to accommodate a payment from Huntington T. Block Insurance Agency, Inc. for two portions of the claim:
This request is for a budget adjustment to accommodate a payment from Huntington T. Block Insurance Agency, Inc. for two portions of the claim:
- Artwork lost that was on loan by exhibition and consignment artists for payment to the artists to cover their losses ($126,105.88)
- Reimbursement for appraisal services ($3,300.00).
FINANCIAL CONSIDERATION:
Funding Source: An increase to revenue line times 2611 489100 in the amount of $129,405.88 and an increase to expense line 26114221 612500 in the amount of $129,405.88. Payment will be received from Huntington T. Block Insurance Agency, Inc.
LEGAL REVIEW:
There is no legal review at this time.
BOARD AND COMMITTEE ACTION:
The Finance Committee recommended approval (5-0) at their meeting on August 7, 2025.
STAFF RECOMMENDATION:
Proceed as presented.