HomeMy WebLinkAbout6.i. Expenditure of Donation from Dakota Electric 4 ROSEIvIOUNT EXECUTIVE SUMMARY
CITY COUNCIL
City Council Regular Meeting: November 17, 2009
AGENDA ITEM: Expenditure of Donation from Dakota AGENDA SECTION:
Electric Consent Agenda
PREPARED BY: Kim Lindquist, Community Development AGENDA NO. 1.
Director
ATTACHMENTS: Donation Revenue Worksheet APPROVED BY:
Obi
RECOMMENDED ACTION: Motion to approve an expenditure of $627.92 from the
donation received from Dakota Electric to be used for the city's share of Broadband Video.
DISCUSSION
A donation in the amount of $5000 was received from Dakota Electric to be used in conjunction
with the City's economic development efforts. Dakota Electric annually contributes to City
economic development efforts including past expenditures for technology upgrades, Downtown
Redevelopment planning, City marketing, and payment to consultants for work on the St. Joseph's
Task Force work. There is money encumbered from the Dakota Electric donations to continue
pursuing these goals. These funds were identified for payment of the City's share of the Broadband
Video created through collaboration with other Dakota County cities and the Dakota County CDA.
Half the cost for the video was paid for by the CDA, with the remaining costs allocated on a pro
rata share based upon the communities' population size. Rosemount's share is calculated at $627.92
out of a total $26,579.02 price tag.
RECOMMENDATION
Motion to approve the expenditure of $627.92 from the donation funds received from Dakota
Electric.
DONATION REVENUE WORKSHEET
RECEIPT OF DONATION
Donation Received on:
Amount Received:
Receipt for Donation:
Purpose of Donation:
Account for Donation:
(Must be Liability assigned for each individual Department.)
EXPENDITURE OF DONATION
Amount to be Spent: $627.92
To be Spent from Acct 101- 41910 -01- 433.10
(Must be Expenditure corresponding to individual Department.)
Purpose of Expenditure: Broadband Video Cost Share
AMENDMENT OF BUDGETS
Amend Donation Revenue Acct #101 36230.00: $627.92
Amend Expenditure Acct #101 41910 -01- 433.10 $627.92
(The two- dollar amounts should be the same.)
GENERAL JOURNAL ENTRY TO ADJUST DONATION LIABILITY
Debit: 101 -22225 (Donation Liability $627.92
Credit: 101- 36230.00 $627.92
Journal entry to reduce deferred donation revenue and increase donation revenue to actual per Council
action on November 17, 2009