Traditionally, the Parks Department through a contracted event coordinator disburses up to $10,000 in prize money for the Criterium Race held over the Derby Days weekend. The largest cash prize is $500.
To mitigate past difficulties with tax recording, Parks and Finance staff have agreed the City should take on the responsibility of disbursing the prize money. The two departments have worked out cash handling/disbursement procedures to be followed before, during, and after the event to protect the employees involved, as well as the funds. The ordinance enables staff to have the prize money on-hand when needed. The $10,000 funds would be used solely for special event purposes and not for general petty cash.
The new ordinance allows the City to increase cash available in the Petty Cash and Revolving Fund by $10,000 to a maximum amount of $20,000. The additional $10,000 will be used solely for special event purposes.
By Bob Yoder
Source: Consent agenda, 6/18/13
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