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Treasurer says district bank account opened with about $8 million
Summary
The treasurer reported the district has opened a bank account containing approximately $8,000,000 and that signatories will include the chair, the treasurer and Executive Director Mark Winkelman. The treasurer said monthly audits and fund reporting will be prepared for the board and public.
The Maricopa Stadium District announced that a bank account has been opened and that it holds "approximately $8,000,000," the treasurer said during the meeting.
"We do have now approximately $8,000,000 in the account," the treasurer said, adding that the signers on the account will be Chair Graham, the treasurer, and Mark Winkelman. The treasurer said the board will receive a full summary of funds coming in and out and that the district will start a monthly audit process to review and report the account activity.
Board members welcomed the development and discussed procedures for reconciling previously incurred expenses and how to account for dollars spent before Title 34 implications were clarified.
