Aberdeen council adopts promotion-fund rules, raises financial-review threshold to $125,000

The City of Aberdeen City Council on Feb. 24 approved a resolution to formalize administration of the city’s promotion fund and voted to amend the resolution to require a financial review for recipients receiving between $125,000 and $250,000 annually, while keeping a full audit requirement at $250,000 and above.

The promotion fund “is a standalone special revenue fund within our chart of accounts that is used to hold funds derived from bed, board and booze,” Finance Director Jordan McQuillan told the council, using the local shorthand “triple B.” McQuillan said the resolution formalizes budgeting and allocation processes, sets a target reserve balance and clarifies reporting requirements for recipients.

The policy matters to local event organizers and tourism partners because it spells out when outside recipients must provide audited financial statements or a lower-level financial review. McQuillan told the council the current promotion-fund reserve balance is about “$400–$500 thousand” and said staff would return with a recommendation to reduce that balance to the policy…