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10092-11 Creating Morris Performing Arts Center/Palais Royale Ballroom Box Office Fund #725
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10092-11 Creating Morris Performing Arts Center/Palais Royale Ballroom Box Office Fund #725
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Last modified
6/17/2011 11:26:32 AM
Creation date
6/17/2011 10:27:32 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/23/2011
Ord-Res Number
10092-11
Bill Number
26-11
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�o�soU Tx 8���\ <br /> r,� �� x� <br /> �V t��= <br /> w �,►� y <br /> , <br /> ��t �r�.°~';R a� <br /> 186� <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 /> 4�h 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 "agenc�' 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 �1��'� I� �+��t����';�u���W ��'�_� <br /> � <br /> k � <br /> Gregg t ra MAY �' �t ZUi I � i <br /> cc: St h n J. Luecke, Mayor of the City of South Bend ����;�����;q'�y-�°"""` <br /> CIT'Y CLE�i�,��U r f������,qP� ' <br /> Count -Cit Buildin 227 West Jefferson Boulevard South Bend Indiana 46601-1830 � <br /> Y Y � ' �V� <br /> Phone:574/235-9216 Fax: 574/235-9928 TDD: 574/235-5567 <br />
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