Consider approval of a budget adjustment in the amount of $241,869.40 to both revenue and expense for Fine Arts Insurance Claim proceeds and the conservation of flood-damaged museum collection items. (Brooks)

Initiated by: Caroline Brooks

Conservation of the museum’s permanent collection is ongoing following damage sustained during the October 2024 flood. While most conservation costs have been covered through the museum’s fine art insurance policy, certain objects have appraised values that are lower than the cost of conservation. In these cases, conservation expenses are paid through the museum budget and are eligible for partial reimbursement through insurance claim payments and FEMA. The requested budget adjustment appropriates insurance proceeds received for collection recovery and supports conservation work. The museum also continues to pursue grant funding and donations to further offset recovery costs.

Financial Impact (Revenue & Expense):  Budget Adjustment Needed

Revenue: 2611-489100 (Museum - Misc Revenue) - $241,869.40
Expense:  26114221-654801 (Museum - Contract - Professional Services) - $241,869.40

There is no legal review at this time.

This is the first time this item is being presented. The Finance Committee recommended approval of budget adjustments and purchase orders for conservation on September 4, 2025 (5-0); October 2, 2025 (5-0); December 4, 2025 (4-0); April 2, 2026 (5-0); July 1, 2026 (5-0); City Council approved on September 11, 2025 (10-0); October 9, 2025 (9-0); December 11, 2025 (9-0); April 9, 2026 (9-0); and July 16, 2026 (8-0).

Proceed as presented.