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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