Cultural Council Agenda and Packet 2011 09 15

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Louisville Cultural Council Treasurer's report for September 22, 2011 Prepared by Justine Vigil-Tapia General Items 02 financials prepared by Tara. Continue to copy Tara on all the event reports (pdf or Word file format). Summer concert W -9's sent to Tara 5 events in Q2 and two special activities (CD2 Art Show, AiP purchase) Paid Door to Door promotions for t- shirts and LSVL stickers (Q3 expense) Sales tracking sheet must be used for merchandise sales track by week. T- shirts and stickers are now available for sale at the Louisville Rec Center (big thanks to the rec center staff for their support). Completed State of Colorado business registration ($10 fee). Assets Checking account balance of $15,209.73 Savings account balance of $14,101.65 Total current assets of $29,311.38 Liabilities Equity Restricted assets (accounting services, AIP, summer concerts) of $14,053.56 Unrestricted assets of $15,257.82 Misc Budget Items 2011 program income budget of $6,600 from events and admissions. YTD we have collected $3,140.65 in program income or 48% of our budgeted income. Spent $8,500 to purchase 2010 People's Choice sculpture (Clorese). Received $7,650 from City of Louisville to apply towards purchase price. SCFD Funding Question (information provided by Sheila Mieger, SCFD Program Mgr) Question is the award of SCFD funds to Tier 111 organizations based upon the percentage of SCFD use tax collected /contributed for that county (ex: $10 collected, $10 distributed) OR is it a function of the entire SCFD pot (ex: $100 collected and x percentage allocated to each participating county)? Answer The answer to your question is that neither of your interpretations is quite right! After deducting the .75% allocated for administration and operations, the remaining 99.25% of SCFD sales tax revenue is allocated to each tier by the percentage required by the SCFD statute. Tier Ill's share of the remaining funds is 13.5 This pot of money is then further divided among the 7 counties in percentages that are equal to the proportion of sales taxes that each county contributed to the total amount of SCFD sales tax revenue collected in the prior calendar year. Question Then at the county level, does the local board distribute funds across the county in percentages that are equal to the proportion of sales taxes that each town in the county contributed to the county amount OR is it just at the county level? Answer Each County or City Council elects people to the County Cultural Council. The Councils are made up of people who live throughout the county. These Councils make the funding decisions based on what is best for the residents of the county as a whole not by how much each town paid in.