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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, rather than a private nonprofit or merchant association, would host the sponsorship account; staff said the city would act as the sponsor for the event and solicit funds, similar to how municipalities accept sponsorships for parades or county events.
Council members asked for details about dates, participating restaurants, event hours and impacts on downtown parking. Staff said the series would likely run summer evenings on Broadway, with bands starting about 5:30 p.m. and running until roughly 8–9 p.m., and that Liberty Street parking would be closed for the event. The committee asked staff to provide the specific schedule, a list of expected sponsors, and to check prior practice (GASB 84) and whether the City has used T&A accounts for similar events.
The motion to create the account passed by voice vote with a second; committee members instructed staff to confirm compliance with GASB 84 and to seek an opinion from the comptroller’s office and to report back (staff indicated they would try to have guidance by Thursday following the meeting). The resolution to establish the account, as discussed, will specify that finance will manage the account and make disbursements for marketing and event operations if the accounting guidance allows it.
Council members also asked that the city coordinate outreach to downtown businesses and the school district (the event’s nearby parking and after-hours use were raised) and to document any effects on employee parking. The committee asked that staff return with any relevant existing T&A precedents (for example, prior events) and the GASB/comptroller guidance before finalizing the resolution.
