ROSWELL NEW MEXICO
COMMITTEE AGENDA ITEM ABSTRACT
COMMITTEE AGENDA ITEM ABSTRACT
20.
Finance Committee
- Meeting Date:
- 02/03/2026
COMMITTEE:
Finance
CONTACT:
Tammi Smith
CHAIR:
Kurt Gass
ACTION REQUESTED:
Consider recommending approval of a budget adjustment in the amount of $32,375 for collection appraisals in support of flood recovery efforts. (Brooks)
BACKGROUND:
Initiated by: Caroline Brooks
This request includes appraisals for sculptures, American West items, and other historic objects that remained in Roswell during the collection evacuation following the October 2024 flood as well as 10 artworks in Chicago that were not previously appraised for a total of 1,219 art and historical objects. The appraisals allow for processing of the insurance claim by providing a value with which insurance will 1) cover the full cost of conservation for damaged items (cost of treatment is less than appraised value) or 2) pay the City the appraised value of an item (object is unable to be conserved or cost of treatment is more than appraised value and will require additional funding to conserve).
This request includes appraisals for sculptures, American West items, and other historic objects that remained in Roswell during the collection evacuation following the October 2024 flood as well as 10 artworks in Chicago that were not previously appraised for a total of 1,219 art and historical objects. The appraisals allow for processing of the insurance claim by providing a value with which insurance will 1) cover the full cost of conservation for damaged items (cost of treatment is less than appraised value) or 2) pay the City the appraised value of an item (object is unable to be conserved or cost of treatment is more than appraised value and will require additional funding to conserve).
FINANCIAL CONSIDERATION:
Financial Impact (Revenue & Expense): Budget Adjustment Needed
Revenue: 2611-489100 (Museum-Miscellaneous Revenue) — $32,375.00
Expenses: 26114221-612500 (M&R - Damage Claims) — $32,375.00
These expenses are to be reimbursed through the fine art insurance claim.
Revenue: 2611-489100 (Museum-Miscellaneous Revenue) — $32,375.00
Expenses: 26114221-612500 (M&R - Damage Claims) — $32,375.00
These expenses are to be reimbursed through the fine art insurance claim.
LEGAL REVIEW:
There is no legal review at this time.
BOARD AND COMMITTEE ACTION:
The Finance Committee will be the first to consider the budget adjustment in the amount of $32,375 for collection appraisals in support of flood recovery efforts.
STAFF RECOMMENDATION:
Proceed as presented.