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Council approves creation of trust-and-agency account for Bands on Broadway, contingent on GASB guidance
Summary
The Finance Committee voted to create a trust-and-agency account to receive sponsorships for a Bands on Broadway summer series, contingent on compliance with Governmental Accounting Standards Board (GASB) guidance and a comptroller opinion.
The Finance Committee on May 19 approved a motion to create a trust-and-agency (T&A) account to hold sponsorship funds for a proposed Bands on Broadway summer concert series, but members conditioned the action on compliance with Governmental Accounting Standards Board guidance (GASB 84) and confirmation from the comptroller’s office.
During the discussion staff described the account as a finance-department-managed vehicle to receive sponsorships and make disbursements for event marketing and operations. One council member asked why the city,…
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