Loading...
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