ITEM TITLE:
Approval of Appropriation and Distribution of City Funds to Valdez Fly-in Association in the Amount of $40,000 for the Purposes of the 21st Annual Valdez Fly-in and Airshow.
SUBMITTED BY: Bart Hinkle, Interim City Manager
FISCAL NOTES:
Expenditure Required: $40,000
Unencumbered Balance: $525,113
Funding Source: 350-0202-55000, Council Contingency Reserve
RECOMMENDATION:
Review for approval of appropriation to the Valdez Fly-in Association
SUMMARY STATEMENT:
During the November 21st Budget work sessions the City Council approved an appropriation for sponsored event support in the Economic Development Department totaling $40,000 to the Valdez Fly-in Association contingent upon reinstatement of the association’s 501(c)(3) status.
Valdez Fly-in Association has informed the City of Valdez that to-date reinstatement of 501(c)(3) status is still pending.
This agenda item has been added at the request of Mayor Pro-Temp Love and reflects an appropriation and disbursement of City funding directly to the Valdez Fly-in Association as a private business.
City Management respectfully recommends that approval of this agenda item nullifies the previously appropriated $40,000 in the Economic Development Department for the Valdez Fly-in event.