HomeMy WebLinkAbout4.e. Approve Expenditure from Donation RevenuesEXECUTIVE SUMMARY FOR ACTION
CITY COUNCIL MEETING DATE: July 7, 1992
AGENDA ITEM: AGENDA SECTION:
Approve Expenditures from Donation Revenues Consent
PREPARED BY: AGENDA NO.
Jeff May, Finance Director Add-on J, e •
ATTACHMENTS; Donation Revenue Worksheet A Y.
According to our Donation Policy(F-2), Council must authorize
expenditures of monies received through donations to the City.
We have received $9,040 from the Rosemount Jaycees to help fund
various Leprechaun Days activities, including the Street Dance
and Golf Tournament. 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 $9,000 for the Jaycee
sponsoredLeprechaun Days activities and to amend both the
Donation Revenue account and the applicable Expenditure account
as noted on the attached Donation Revenue worksheet. Ratherthanapproving each individual expenditure as it is made, we are
asking that Council approve the total dollar amount received from
the Jaycees to be spent on the various activities. We have done
this in the past with other Jaycee sponsored activities such as
the Easter Egg Hunt and everything seemed to work out quite well.
i
RECOMMENDED ACTION:
Motion to approve expenditures totalling $9,000 for Leprechaun Days
activities and to approve amendments to the budgets as given on the
attached Donation Revenue worksheet.
COUNCIL ACTION:
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DONATION REVENUE WORKSHEET
RECEIPT OF DONATION
Donation Received on: 6-19-92
Amount Received• $ 9,000.00 ( From Rosemount Jaycees)
Receipt # for Donation: 30252
Purpose of Donation• Leprechaun Days Activities
Account # for Donation: 101-22223
(Must be Liability # assigned for each individual Department)
EXPENDITURE OF DONATION
Amount to be Spent: $
9,000.00
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:
Amend Expenditure Acct # 101-45100-01-208
(The two dollar amounts should be the same)
$ 9,000.00
$ 9,000.00
GENERAL JOURNAL ENTRY TO ADJUST DONATION LIABILITY #
Debit: 101-22223 (Donation Liability #) $ 9000.00
Credit: 101-36230-00-000 $ 91000.00
Credit: 101-29300
$ 9,000.00
Journal entry to reduce deferred donation revenue and increase
donation revenue to actual per council action on 7-7-92