AG 2017 12 18 - Laserfiche WebLink

Home Browse Search

Budget Revision/Amendment Request Date: 1 12/18/2017 Amount: $65,826.00 Dept. Head: Susan Fearrington - (prepared by staff) Department: Finance -Arena ❑ Internal Transfer Within Department ❑ Transfer Between Departments/Funds Q Supplemental Request purpose: This budget amendment appropriates fund balance from the General Fund and allocates funds to pay the Arena performance management fees to iMG Management Company. The fees are calculated per the SMG/Cabarrus County contract dated July 1, 2015 and are related to specific profitability and 3erformance measurements. Fees are composed of a quantitative portion relating to Gross Operating revenue and a qualitative portion relating to more subjective performance measures. The incentive for the Arena Operations is $32,674 and the incentive for the Food & Beverage is $33,152. Fund Indicator Department/ Object/ project Account Name Approved Budget Increase Decrease Amount Amount Revised Budget 001 6 1960-6901 Fund Balance Appropriated 816,000.00 65,826.00 - 881,826.00 001 9 1960-9741 Contribution to SMG 639,837.00 65,826.00 - 705,663.00 420 6 8310-6902 Contribution from General Fund 639,837.00 65,826.00 - 705,663.00 420 9 8310-9404 Performance Incentives - 32,674.00 - 32,674.00 420 9 8310-9404-FSVC Performance Incentives Food & Beverage - 33,152.00 - 33,152.00 Budget Officer County Manager ❑ Approved ❑ Approved ❑ Denied ❑ Denied Signature Date Signature Date F-6 Total Board of Commissioners ❑ Approved ❑ Denied Signature Date Attachment number 2 \n Page 94