HomeMy WebLinkAbout4.f. Expenditures from Donation RevenuesCITY OF ROSEMOUNT
EXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: August 4, 1992
AGENDA ITEM:AGENDA
SECTION:
Approve Expenditures froIm Donation Revenues
Consent
PREPARED BY:
Jeff May,
AGENDA�A
j �IVI 4F
Finance Director
S
ATTACHMENTS: Donation Revenue Worksheet
AP VE BY
According to our Donation Policy(F-2), council must authorize
expenditures of monies received through donations to the `City.
We have received $256 from the Rosemount Lions to help fund the
Leprechaun' Days activities. This money was put into a deferred
revenue account when 'received.
Now, as part of our policy, we are asking Council approval to
make expenditures totalling ";no more than $250 for activities
related.,to the Leprechaun Days events and to amend both the
Donation Revenue account and the applicable Expenditure account
as noted on the attached Donation Revenue worksheet. Rather than
approving each individual expenditure as it is made, we are
asking that Council approve the total dollar amount received from
the Lions to be spent on the various activities. We have done
this in the, past with no problems whatsoever.
DONATION REVENUE WORKSHEET
RECEIPT OF DONATION
Donation Received on: 7-28-92
Amount Received:
Receipt # for Donation:
Purpose of Donation:
$ 250.00
3064]
Leprechaun Da s Activities
Account # for Donation: 101-22223
(Must be Liability # assigned for each individual Department)
EXPENDITURE OF DONATION
Amount to be Spent: $ 250.00
To be Spent from Acct #: 101-45100-01-208
(Must be Expenditure # corresponding to individual Department)
Purpose of Expenditure: Leprechaun Days Activities
AMENDMENT OF BUDGETS
Amend Donation Revenue Acct #101-36230-00-000: $ 250.00
Amend Expenditure Acct # 101-45100-01-208 $ 250.00
(The two dollar amounts should be the same)
GENERAL JOURNAL ENTRY TO ADJUST DONATION LIABILITY #
Debit: 101-22223 (Donation Liability #) $ 250.00
. Credit: 101-36230-00-000 $ 250.00
Credit: 101-29300
$ 250.00
Journal entry to reduce deferred donation revenue and increase
donation revenue to actual per council action on 8-4-92