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pU Tg 8 <br /> U t, <br /> prScx "p. <br /> }. •..� ST 65 � r <br /> LINO <br /> CITY OF SOUTH BEND STEPHEN J. LUECKE,MAYOR <br /> DEPARTMENT OF ADMINISTRATION & FINANCE <br /> GREGG D.ZIENTARA <br /> CONTROLLER <br /> May 4, 2011 <br /> Mr. Derek Dieter <br /> President, South Bend Common Council <br /> 41h Floor, County-City Building <br /> South Bend, IN 46601 <br /> re: Ordinance to Create Agency Fund 725 Morris Performing Arts center / Palais Royale Ballromm <br /> Box Office Agency Fund <br /> Dear President Dieter: <br /> The Morris Performing Arts Center ("Morris") and Palais Royale Ballroom ("Palais") collect certain <br /> revenue payments and deposits in advance of events at the facility. From these receipts, certain event <br /> expenses are paid to promoters and other vendors, Upon completion of the event, an event accounting <br /> settlement is prepared and the net revenue or profit is realized by the City and transferred to the General <br /> Fund or other appropriate City fund. <br /> During the recent audit of City by the State Board of Accounts, it was discussed with City <br /> Administration that it may be beneficial to set up a separate "agency' fund to account for these <br /> transactions. An agency fund is a common governmental fund type that is used to account for monies that <br /> are collected for and remitted to other entities (i.e. payroll tax withholding). An agency fund does not <br /> record revenue and expenditures and, thus, is not subject to annual appropriation. An agency fund <br /> records only cash and liability transactions. <br /> Thus, it is in the best interest of the City of South Bend to establish a Morris Performing Arts <br /> Center/Palais Royale Ballroom Box Office Agency Fund 725. The new fund 725 will be a non-reverting <br /> fund and may earn interest on outstanding cash balances which will be used to offset bank charges, with <br /> any remaining amounts distributed to the General Fund or other appropriate City fund. Fund 725 will not <br /> be subject to appropriation by the City of South Bend Common Council but will be reported in the City <br /> Controller's Cash Report, the City and Town Annual Report and other similar accounting reports. <br /> Controller Zientara will present this Bill to the Common Council at the appropriate Council Committee <br /> meeting, public hearing and at the Council meeting. City Administration is available to discuss any <br /> matters concerning this Bill at the convenience of the Council. <br /> Regards Filed ,.��.....�. .,.,.�.�.,� <br /> e r t, <br /> Gregg t ra <br /> MAY 4 20 <br /> cc: St h n J. I_uecke, Mayor of the City of South Bend µ.... <br /> JOHN <br /> County-City Building 227 West Jefferson Boulevard South Bend,Indiana 46601-1830 U <br /> Phone: 5741235-9216 Fax: 574/235-9928 7 DD: 574/235-5567 L\ <br />