ITEM 5.1 Accepting/Directing donationOF
Otsezo
MINNESOTA V
DEPARTMENT INFORMATION
Request for
City Council Action
ORIGINATING DEPARTMENT:
REQUESTOR:
MEETING DATE:
Administration
Adam Flaherty, Finance Director
March 27, 2017
PRESENTER(s):
REVIEWED BY:
ITEM #:
Adam Flaherty, Finance Director
the City providing support to Vireo Health in seeking their State licensure. Future donations to the City
5.1
AGENDA ITEM DETAILS
RECOMMENDATION:
City staff is looking for direction from the City Council on where to account for the donation received in
December 2016 from Vireo Health of Minnesota.
ARE YOU SEEKING APPROVAL OF A CONTRACT?
IS A PUBLIC HEARING REQUIRED?
No
No
BACKGROUND/JUSTIFICATION:
On December 12, 2016, the City was presented with a $20,000 donation from Vireo Health of
Minnesota, formerly known as Minnesota Medical Solutions. This donation was made in connection to
the City providing support to Vireo Health in seeking their State licensure. Future donations to the City
will be made in accordance with the previously adopted agreement with Vireo Health.
Given the amount of the donation, City staff is recommending the City Council determine a specific fund
of the City for this donation and any future donations to be accounted within. This topic was last
discussed by the Council on December 12, 2016, with no action. The Finance department subsequently
receipted the donation into the General fund, awaiting future discussion by the City Council.
The City will soon be preparing the financial statements for 2016, so it would be appropriate to record
that donation in the fund designated by the City Council. Within the financial statements, the Finance
Director will "assign" the fund balance of the designated fund in the amount of the donation received so
that the amount is segregated from "unassigned" fund balance.
Although not the subject of tonight's discussion, City staff is also recommending the City Council to
identify future uses of said donations. These future uses would be the subject of budget and capital
improvement plan discussions to be held beginning in the summer of 2017.
SUPPORTING DOCUMENTS: ATTACHED NONE
POSSIBLE MOTION
Please word motion as you would like it to appear in the minutes.
-Motion to direct City staff to account for the donation (s) received from Vireo Health within the
fund of the City's accounting system.
BUDGET INFORMATION
FUNDING: BUDGETED:
n/a n/a