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Consent

Brentwood City Commission Agenda

Meeting Date:	05/14/2018
Resolution 2018-36 - Authorizing the Creation of a 50th Anniversary Account Within the Donations Held in Trust Fund
Submitted by:	Karen Harper, Finance
Department:	Finance

Information

Subject

Resolution 2018-36 - Authorizing the Creation of a 50th Anniversary Account Within the Donations Held in Trust Fund.

Background

In order to encourage and accept contributions from private sources for a specific purpose, the Board of Commissioners established the "Donations Held in Trust Fund" in Fiscal Year 2009. The purpose for these dedicated accounts range from supporting Library activities to preserving historical landmarks in Brentwood. While this fund records and tracks revenues (donations) and expenditures separately for each account by fiscal year, the expenditures are typically not subject to the normal budget appropriation process due to the targeted intent of the donations and the difficulty of projecting the amount of private donations in the future.

There are currently seven trust accounts within the Donations Held in Trust (DHT) Fund:

     - Library Gifts and Donations
     - Public Safety Trust
     - Historic Sites Donations
     - Concert Series (i.e., support for summer concerts at Crockett Park)
     - Employee Assistance (i.e., support for non-public safety employees)
     - Parks Trust
     - Environmental Trust Account

Each of the existing trust accounts has its own unique purpose and expenditure approval process. However, in all cases the Finance Department oversees the accounting and expenditure of funds in accordance with established GASB standards and City policies and procedures, including the City's purchasing policies.

Staff is proposing the creation of a new temporary account in the DHT Fund, the 50th Anniversary Account.

Creation of the 50th Anniversary Account will provide a mechanism for individuals, groups, private businesses, etc., to contribute funds to the City that will be dedicated specifically for the 50th Anniversary events.

Attached are proposed guidelines for the 50th Anniversary Account, which state that the purpose of the fund "shall be to fund 50th anniversary events hosted by the City of Brentwood and other materials associated with the 50th anniversary."

Please contact the Community Relations Director or Finance Director if you have any questions.

Staff Recommendation

The staff recommends approval of the attached resolution authorizing the creation of the 50th Anniversary Account within the City's "Donations Held in Trust Fund."

Previous Commission Action

On October 26, 2015, the Board of Commissioners approved Resolution 2015-72, which adopted guidelines for the Donations Held in Trust Fund Account - Environmental Trust Account

On February 13, 2012, the Board of Commissioners approved Resolution 2012-15 which adopted guideline for the Donations Held in Trust Fund Account - Parks Trust

On May 24, 2010, the Board of Commissioners approved Resolution 2010-23 which adopted guidelines for the Donations Held in Trust Fund Account - Employee Assistance.

On June 8, 2009, the Board of Commissioners approved Resolution 2009-40 which adopted guidelines for the "Donations Held in Trust Fund."

On May 23, 1994, the Board of Commissioners approved Resolution 94-15 which adopted guidelines for the Public Safety Employees Trust Fund.

Fiscal Impact

Amount :
Source of Funds:
Account Number:

Fiscal Impact:

Creation of a special account for receipt of private donations for the City's 50th Anniversary Celebration will provide an alternative income source to support enhancements to City sponsored events and materials needed.

Attachments
Resolution 2018-36
50th Anniversary Account Guidelines
Signed Resolution