HomeMy WebLinkAboutItem 16 - CVB Sister Cities and CVB Wine Pouring Society AccountsAuthorizations for signatories for CVB Sister Cities and CVB Grapevine Wine Pouring Society Accounts
funds from individuals for site visits and other educational/social events for the group.
Funds are disbursed to cover the costs for these trips and educational/social events. This
account also receives revenues from members working outside events and other donations
to the Grapevine Wine Pouring Society Art Fund. This account was set up for the purpose
of maintaining the Grapevine Wine Pouring Society funds separate from the CVB. The
auditors have recommended that the account not be at a separate bank but at the City's
current depository.
The current account, as of June 8, 2006, includes $4,814.48 for the Grapevine Wine
Pouring Society as well as $14,741.00 for a Wine Pouring Society Public Art project, and
$1,560.42 for the Sister Cities operating fund. The balance of the funds in this account,
which is currently at Bank of America, will be transferred as of the date the new accounts
are open. Funds in the accounts will be used only for the above described purposes.
Expenditures from the accounts will be authorized only by the following individuals:
Paul W. McCallum, CVB Director
Eloise Koehn, Director of Finance and Administration (CVB)
The City's blanket bond will cover these accounts. The signatories will be responsible for
all financial and IRS reporting, bank reconciliations, etc. related to these two accounts.
Appropriate CVB staff shall be responsible for all financial reporting for the annual City
audit which will be in compliance with generally accepted accounting principles and
standards.
In order for this account to be set up and signatures authorized, it is necessary for the City
Council to amend Resolution No. 99-18 that authorizes signatories for City accounts. A
copy of the amended resolution is attached.
Staff recommends approval.
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, AMENDING RESOLUTION NO. 99-18
AND ESTABLISHING TWO CONVENTION & VISITORS
BUREAU OPERATING ACCOUNTS AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, the City Council of the City of Grapevine, Texas, has determined that
it would benefit the City to amend the City's policy with regard to signing checks on
various bank accounts as established in Resolution R66-7; and
WHEREAS, the City Council established a Convention & Visitors Bureau Festival
Operating Banking Account to facilitate the coordination and operation of the City -
sponsored Festivals by approval of Resolution No. 99-18; and
WHEREAS, the City Council desires to establish a Convention & Visitors Bureau
account for administering expenses associated with the Sister Cities Program and an
account for administering expenses associated with the Grapevine Wine Pouring Society;
and
WHEREAS, the City Council has found and determined that each check on each
of the various bank accounts of said City should be signed by two City officials.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF GRAPEVINE, TEXAS:
Section 1. That each check written on a bank account of the City, except as
otherwise provided herein, shall be signed by two officials of the City, one elective, which
shall be either the Mayor or Mayor Pro Tem, and one appointive official, which shall be
the City Manager or City Secretary.
Section 2. That two new and separate City bank accounts, to be called
1. City of Grapevine
CVB — Grapevine Wine Pouring Society
2. City of Grapevine
CVB — Sister Cities
shall be established at the City Depository. Each check written on the Convention &
Visitors Bureau accounts shall be signed by two of the following persons: the Convention
& Visitors Bureau Director, or the Director of Finance and Administration (CVB), and a
member of the Convention & Visitors Bureau Board of Directors.
Section 3. That those persons with the authority to sign checks written on the
Convention & Visitors Bureau accounts shall be responsible for the appropriate
maintenance of records and ledgers regarding the accounts' activity. Furthermore, no
check shall be authorized to be signed on the Convention & Visitors Bureau accounts
without the appropriate authority and documentation which includes the following: any
invoice or receipt for goods or services must be signed and approved by either the
Convention & Visitors Bureau Director or the Director of Finance and Administration
(CVB); a fully approved and executed contract where applicable; and a completed IRS
form W-9 for tax identification purposes.
Section 4. That the signatories will be responsible for all financial and IRS
reporting, bank reconciliations, etc. related to these two accounts. Appropriate CVB staff
shall be responsible for all financial reporting for the annual City audit which will be in
compliance with generally accepted accounting principles and standards.
Section 5. That a copy of this resolution be forwarded to all banks and financial
institutions where City funds are on deposit so that their records can be appropriately
marked.
Section 6. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 20th day of June, 2006.
ATTEST:
RES. NO. 2
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