HomeMy WebLinkAboutItem #22 Financial Summary Report for Founder's Day Celebration
AGENDA ITEM COVER SHEET
Meeting Date: September 21,2010
Item # 2'2.
Contact Name:
Contact Number:
Jeffrey Hayes
407 -905-3180
Reviewed By:
Department Director:
City Manager:
Subject: Financial Summary Report for Founders Day Celebration.
Background Summary:
The 2010 Founders Day Celebration will be held on November 5th and 6th of this year. Staff was directed by the
City Commission at the August 31, 2010 Budget Hearing to provide a summary of the financial status for the
event. Staff has completed a summary report that includes prior year (2008 and 2009) deficits and the anticipated
revenues and expenditures for the 2010 celebration, which projects a deficit of $60,970.85 in the fund. In order
to get the Founders Day fund in balance as requested, the City Commission will need to consider a transfer of
the projected deficit amount ($60,970.85) to come from the Contingency Fund (#001-516-00-4900) to the
Founders Day Fund (001-572-00-4004).
Issue:
Should the City Commission approve the transfer of $60,970.85 from the Contingency Fund (#001-516-00-
4900) to the Founders Day Fund (001-572-00-4004) to clear up the prior year deficits and fund the 2010
Founders Day event.
Recommendations
Staff recommends that the City Commission approve the transfer of $60,970.85 from the Contingency Fund
(#001-516-00-4900) to the Founders Day Fund (001-572-00-4004) to clear up prior year deficits and fund the
2010 Founders Day event.
Attachments:
Founders Day Event Financial Report - September 2010
Financial Impact:
City will need to transfer $60,970.85 from the Contingency Fund (#001-516-00-4900) to the Founders Day Fund
(001-572-00-4004). The current balance available in the Contingency Fund is $70,170.
Type of Item: (please mark with an "x')
Public Hearing
Ordinance First Reading
Ordinance Second Reading
Resolution
_ Commission Approval
X Discussion & Direction
For Clerk's DeDt Use:
_____ Consent Agenda
Public Hearing
_____ Regular Agenda
_ Original Document/Contract Attached for Execution by City Clerk
_ Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by 0
~yv1 ~MOODVA
N/A
N/A
N/A
2
Founders Day - Fund 113
Anticipated Revenue & Expenditures for 2010
Beginning Balance 2010 Event
Revenues:
City's Contribution
Sponsorships
Sponsorships (committed-not paid)
Games/Ride Vendors
Arts & Crafts Vendors
Program Advertisements
Food Vendors
Miscellaneous Vendors
5 K Road Race
Golf Tournament
Concert Ticket Sales
Miscellaneous Revenue
Interest Earnings
Expenses:
Personnel Costs (Overtime & Taxes)
Professional Services/Other
Contractual Services
Operating Expense
5K Road Race Expenses
Golf Tournament Expense
Esitmated Ending Balance for 2010 Event
50,000.00
55,000.00
0.00
5,500.00
5,000.00
0.00
10,500.00
30,000.00
3,500.00
12,500.00
4,000.00
400.00
0.00
15,000.00
2,500.00
148,540.00
35,606.00
4,500.00
6,900.00
($24,324.85)
$176,400.00
($213,046.00)
($60,970.85)
213,046.00