RESOLUTION NO. 031188

Directing the City Manager to include in the Managements Discussion and Analysis section of the Citys annual audit the results of the condition assessments of work-of-art assets as submitted by the Parks and Recreation Department.

WHEREAS, the City Charter defines in Article XVIII, Section 448 that, The term "work of art" shall apply to and include all paintings, mural decorations, stained glass, statutes, bas-reliefs, tablets, sculptures, monuments, fountains, arches or other structures of a permanent character intended for ornament or commemoration; and

WHEREAS, these work-of-art are held for public exhibition, education, or research in furtherance of public service, rather than financial gain; and

WHEREAS, the Government Accounting Standards Board, in its Statement No. 34 (GASB 34") has promulgated accounting standards to determine how work-of-art assets will be financially treated and reported by protecting, keeping unencumbered, caring for, and preserving and are subject to policy that requires the proceeds from sales of any work-of-art to be used to acquire similar items; and

WHEREAS, the Government Accounting Standards Board, in GASB 34, has required the inclusion of a Managements Discussion and Analysis report to be included in the City of Kansas Citys annual financial report to provide an objective and easily readable analysis of the governments financial activities based on currently known facts, decisions and/or conditions; and

WHEREAS, for the purposes of meeting accounting standard GASB 34 established by the Government Accounting Standards Board, the City will not be depreciating work-of-art assets; and

WHEREAS, the City Council of the City of Kansas City, Missouri determines what monies are available for maintenance and preservation of work-of-art assets; and

WHEREAS, the Board of Parks and Recreation Commissioners passed Park Resolution No. 25912 on September 9, 2003, specifying that the Board directs the Director of Parks and Recreation to perform condition assessments of work-of-art assets and to report the condition to the Board and the City Council annually and to provide to the Director of Finance with a copy of the report to be included in the Managements Discussion and Analysis section of the Citys annual audit; and

WHEREAS, it is in the best interests of the City to report to the citizenry what the current physical condition of work-of-art assets are and to report the methodology for determining that physical condition and what the City is doing to preserve these assets; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

That the Council directs the City Manager to include in the Managements Discussion and Analysis section of the Citys annual audit the results of the condition assessments of work-of-art assets as submitted by the Parks and Recreation Department.

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