HomeMy WebLinkAbout3B - Centennial Audit
CONSENT AGENDA:
PREPARED BY:
SUBJECT:
DATE:
INTRODUCTION:
BACKGROUND:
DISCUSSION:
3 (b)
KAY KUHLMANN, ASSISTANT CITY MANAGER
CONSIDER APPROVAL OF CENTENNIAL AUDIT
APRIL 5, 1993
Prior Lake celebrated its Centennial in 1991.
One of the follow up items to the Centennial
is an audit of the books. Staff has completed
that audit and placed this item on the agenda
for Council approval.
In 1989 the City of Prior Lake created the
Centennial Committee. The purpose of the
committee was to plan for and implement a
series of activities to celebrate Prior Lake's
Centennial in 1991. The Centennial Committee
did this with great enthusiasm and success.
The books for the activities of the
Centennial, both the revenue generating
activities and the expenditures for
activities, have been audited by City staff
and are ready for presentation to the
Council.
The Prior Lake Centennial Committee raised
$87,583.98 since 1989. The report indicates
revenues generated and breaks them down into
subcategories. Post 1990 the break down for
the revenues earned is not available. with
the volume of deposits and the massive amount
of time being spent on this project, further
efforts to break down deposits were not made.
The expenditures authorized by the Centennial
committee were $86,866.66 from 1989 1992.
The accounting for the expenditures is
reflected in the attachments.
Please see attachment A, B, C, and D for the
Annual Balance Sheet of Activities from 1989 -
1992.
One of the final activities of the Centennial
Committee was the creation of Centennial Plaza
through the revenue generation of personalized
brick sales. The accounting for brick sales
4629 Dakota St. S.E., Prior Lake, Minnesota 55372 / Ph. (612) 447-4230 / Fax (612) 447-4245
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was kept separate until November of 1992 when
the funds from brick sales were transferred
from savings to the checking account. In the
past, amounts have been transferred from
savings only as plaza associated bills became
due.
Most 1992 and all 1993 activities in the
Centennial account are Centennial Plaza
related.
Currently there is $7l7.55 left in the account
for Centennial Plaza. No City dollars have
been expended for the Plaza improvements.
staff would recommend at this time that that
money be transferred into the Parks Capital
Fund. Staff also recommends that all further
brick sales and improvement costs for
centennial Plaza be taken out the Capital Park
Fund.
The Centennial audit was done in part by
Bernie Julkowski who recorded all deposits.
Tabulation of activities was done by Angie
Jaspers. Kay Kuhlmann was responsible for the
original entry of expenditures and the
oversight of the books from 1989 - 1993.
Staff would recommend that the Council accept
this audit, although it was not completed by a
professional audit firm. If Council does want
to consider a professional audit company,
staff will have to look into the cost of
hiring an audit firm.
staff recommends Council accept the audit
results and place them in a permanent file of
Centennial activities.
The City Council has
alternatives to consider:
the
following
1. Accept the Centennial audit as prepared
and direct staff to file the documents.
2.
Recommend that staff hire
audit company to complete
have the analysis come
Council at a later date.
a professional
the audit and
back to the
A motion to approve the Consent Agenda will
constitute approval of Alternative #1.
Activities
July 4
Lakefront Days
Memorabilia Sales
Poster Revenue
TOTAL
Ending Balance
ATTACHMENT A
CENTENNIAL FINANCIAL ~TATE~ENT
1989
.REVENUES
$ 551. 25
$ 876.50
$ 371.00
1- 250.00
$ 2,048.75
~ 424.82
Lakefront Days
Memorabilia Sales
Poster Revenue
TOTAL
EXPENDITURES
$ 50.00
$ 1.273.93
$ 300.00
$ 1.623.93
Beginning Balance
Montages
Parade Donations
Fishing Contest
T-shirts
Concessions
Golf Tournament
Lakefl'ont Days
Pancake breakfast
Luminaries
Cash/other deposits
Interest earned
Miscellaneous
TOTAL
Ending Balance
ATTACHMENT B
CENTENNIAL FINANCIAL STATEMENT
1990
$
424.82
REVENUES
$ 5,556.00
$ 3,260.00
:$ 2,675.00
$ 4,494.90
:$ 2,891.02
$ 1,150.00
$ 3,785.85
$ 832.00
$ 2,700.00
$ 1,085.98
$ 172.73
$ 238.00
$ 29,266.30
$ 6,285.32
Montages $
Parade Donations $
Fishing Contest $
T-shirts $
Concessions $
Golf Tournament $
Lakefront Days $
Advertising $
Printing $
Insurance $
Checks $
Miscellaneous $
Aerial Photography $
TOTAL
EXPENDITURES
721. 60
3,973.00
2,309.03
6,049.50
215.00
1,084.00
5,312.02
70.51
767.8;::'
367.52
9.25
1,668.83
432.90
$ 22,980.98
ATTACHMENT C
CENTENNIAL FINANCIAL STATEMENT
1991
Beginning Balance $ 6,285.32
REVENUES EXPENDITURES
Deposits $ 44,379.28 Centennial Parade $ 7,676.42
Bricks purchased $ 1,500.00 Fishing Contest $ 242.66
Interest Earned $ 215.95 T--shi rots $ 1,959.78
Concessions $ 261.73
Bricks $ 1,500.00
Golf Tournament $ 1,127.00
Lakefl^ont Days $ 14,165.65
Advertising $ 1,309.43
Pr-inting $ 1,923.40
Insurance $ 802.20
Checks Charge $ 32.55
Postage $ 407.14
Centennial Events $ 17,239.05
Miscellaneous $ 1,453.52
Aerial Photography $ 75.00
Centennial Mugs $ 957.93
TOTAL $ 52,380.55 TOTAL $ 51,133.46
Ending Balance $ 1,247.09
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Beginning Balance
Miscellaneou,:"
Bricks
Interest
Ending Balance
"CENFIN"
ATTACHMENT D
CENTENNIAL FINANCIAL STATEMENT
1992-1993
$ 1,247.09
REVENUES EXPENDITURES
$ 73.00 Miscellaneous $ 622.01
$ 11,009.30 Bricks $ 10.986.83
$ 45.99 Centennial Events $ 237.00
TOTAL $ 11,128.29 TOTAL $ 11,845.84
L 717.55
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