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ANNIE EDWARDS WAGNER EDUCATIONAL FUND
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RECOMMENDATION
It is recommended that the City Council adopt a resolution authorizing the City Manager to execute an agreement transferring the Annie Edwards Wagner Educational Fund to the Stockton Unified School District. It is also recommended that the City Manager be authorized to take such other actions as are necessary and appropriate to complete this transaction.
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Summary
On August 21, 1933, by Resolution 10,550, the City Council of the City of Stockton accepted the bequeathed sum of $15,000, and as indicated in the Will, established the Annie Edwards Wagner Educational Fund to be used for scholarships for Stockton Unified School District (SUSD) students. Since that time, the City has administered the Fund and provided the funds to SUSD for disbursement. At this time, the City and SUSD find it appropriate to assign the administration of the Fund to SUSD.
DISCUSSION
Background
On July 24, 1933, the City was bequeathed the sum of $15,000 by the Will of Annie Edwards Wagner, a deceased former resident of the City of Stockton, to be administered perpetually in trust by the City of Stockton in memory of Angeline Edwards Good, as the “Annie Edwards Wagner Educational Fund”. It was provided in the Will that the City of Stockton should act as Trustee of the Fund and that the income from the Fund be paid to beneficiaries annually as selected by the Board of Education of the Stockton School District (District). The details of the operation and administration of the Fund are found in Stockton City Council Resolution Nos 10,550, 10,580, and 10,738 (Exhibit 1 to the Resolution).
Present Situation
The City has been administering this Fund since 1933, and now desires to transfer the balance of the Fund to the Stockton Unified School District for Financial Management. The balance in the Annie Edwards Wagner Fund is approximately $62,000. This figure will be refined for interest earnings before transfer to Stockton Unified School District.
On August 7, 2018, the Stockton Unified School District adopted Resolution No. 18-07 accepting the transfer of the balance of the Annie Wagner Scholarship Fund and directs that this Fund be managed in accordance with the policies and procedures of the District’s existing scholarship program.
The District manages over 55 scholarships and is better suited to be the fiscal agent for the Annie Edwards Wagner Education Fund since it already administers the awarding of the scholarships. Transfer of the funds to the District is in line with the Council Strategic goal to collaborate with education partners to help create better quality of life, increase literacy, and funding scholarships for college.
FINANCIAL SUMMARY
To complete this action, the balance in Annie Edwards Wagner Education Fund (627) will be transferred to SUSD. The fund balance as of June 30, 2018 is in account 627-0000 and is projected to be $62,009.
The entire balance as of the day of the transfer, will be moved to SUSD. The projected balance will be adjusted based on interest earnings, actual expenses and revenues once the fiscal year is finalized.