Laserfiche WebLink
CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />NOVEMBER 19, 2012 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />Consent Agenda <br />SUBJECT: <br />County Manager - Contractual Incentive Payments for SMG (Cabarrus Arena) <br />BRIEF SUMMARY: <br />The contract between Cabarrus County and the operator of the Cabarrus Arena & Events Center, SMG, includes <br />annual incentive payments based on quantitative and qualitative measurements. The attached document details <br />those calculations. This document has been reviewed by County Manager and Finance staff and is in keeping <br />with the contract. A budget amendment for the incentive payments is also included with this agenda item. <br />REQUESTED ACTION: <br />Motion to approve the incentive payments and adopt the associated budget amendment. <br />EXPECTED LENGTH OF PRESENTATION: <br />SUBMITTED BY: <br />Jonathan B. Marshall, Deputy County Manager <br />BUDGET AMENDMENT REQUIRED: <br />Yes <br />COUNTY MANAGER'S RECOMMENDATIONS /COMMENTS: <br />This item was approved by the Board for inclusion on the Agenda as a Consent item. <br />BUDGET AMENDMENT: <br />Cabarrus County Budget Amendment Request <br />Date: 10/26/2012 Amount: $64,457.00 <br />Dept. Head: Shelley Farris, Accounting Supervisor Department: Finance <br />"Internal Transfer Within Department "Transfer Between Departments /Funds bSupplemental Request <br />Purpose: <br />This budget amendment is to appropriate fund balance from FY 2012 for the payment of Arena performance incentives to SMG <br />Management Company. The incentive for Food and Beverage is $40,532 and for the Arena operations is $23,925. These <br />incentives are based off calculations that were agreed upon by management and are related to specific profitability and <br />performance measurements. <br />Account Number <br />Account Name <br />Approved Budget <br />Inc Amount <br />Dec Amount <br />Revised Budget <br />42098310 -9404 <br />Incentives - Operations <br />$0.00 <br />$23,925.00 <br />$23,925.00 <br />42098310 - 9404 -FSVC <br />Incentives - Food <br />$0.00 <br />$40,532.00 <br />$40,532.00 <br />42068310 -6901 <br />Fund Bal - Approp <br />$0.00 <br />$64,457.00 <br />$64,457.00 <br />$0.00 <br />Total <br />F -2 Page 38 <br />