From
Lee Harriss
Title
Request for Business Credit Card for the Sports Facilities Development Corporation
Presenter
Lee Harriss, Treasurer
Recommended Action
Approve
Analysis
Currently, certain purchases, such as racing license renewals and miscellaneous items, are made using a City purchasing card and are paid from the General Fund (and the City's bank account). A receivable is created in the General Fund, and after approval by the Sports Corporation Board, the City is reimbursed in the next quarter by the Sports Corporation (from the Sports Corporation's checking account). The Sports Corporation already has its own Sam's Club business credit card, which is used by the suite coordinators.
Providing a credit card to be used exclusively for Sports Corporation purchases will simplify the payment process and allow more accurate and timely financial reporting. The new business credit card would be issued by JPMorgan Chase and attached to the Sports Corporation's checking account. Internal controls for the new credit card will be the same as the controls applied to other City purchasing cards.
Financial Consideration
The Sports Corporation will be responsible for making the payments from the checking account.