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office in relation to the Economic Development to the extent of <br />$25,000.00 now and an additional $11,001.00 upon receipt of the <br />County Economic Development funds. Also, that the agreement with <br />the Chamber contain a provision that should the Chamber of Commerce <br />receive the County funding that they will reimburse the City to the <br />extent of excess of $25,000.00, and that the City provide insurance <br />to the Chamber for the events under the City's umbrella. <br /> <br />Howard added a friendly amendment to ensure that City is not losing <br />interest money from monies that won't be expended until the end of <br />the year. <br /> <br />Sisk added a friendly amendment that the Chamber would provide <br />Council with the actual costs within 90 days after the event has <br />been staged. <br /> <br />Lathrop asked that Council discuss, at the Committee meeting, how <br />the interest monies Howard mentioned would be calculated. <br /> <br />Howard stated Council is going to be receiving receipts which will <br />be dated and those dates become the date of the activity for fiscal <br />purposes, so that's the date when interest is not being accrued. <br />Time before is time that could and should be put into a bank. <br /> <br />Sisk suggested setting up a separate account, so any monies not <br />paid to the Chamber will be earning interest. <br /> <br />Mayer wondered if the events come in lower than the projected cost, <br />what happens to the balance of the funds? If they come in higher <br />than projected, what will Council do? <br /> <br />Howard thought that Council needed to have some funds set aside, so <br />that if the estimate comes in higher than expected, Council can <br />fund it that way. <br /> <br />Lathrop accepted friendly amendment number one; accruing interest <br />in a separate checking account, and friendly amendment number two; <br />that accounting be provided within 90 days after the event. <br /> <br />Davidson offered another friendly amendment that the maximum that <br />the City will fund per event. He did not want to give anyone a <br />blank check. <br /> <br />Lathrop accepted Davidson's friendly amendment. Seconded by Sisk. <br /> <br />Howard spoke of his concerns that the fiduciary responsibility be <br />adhered to through the final report which will give Council the <br />detailed information. The bulk of the funds in the request are <br />tied into the joint account, which has overhead lumped in with two <br />salaries. He wanted to make it clear that he wanted those broken <br />out or it will make it difficult to reconcile the books. <br /> <br />7 <br /> <br /> <br />