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Village Vision News

Change to DACVB fiscal year prompts end to quarterly payments

Thursday, August 29, 2013

In July, the village received a letter from the Decatur Area Convention and Visitors Bureau stating that the organization’s fiscal year will be changed to a calendar year starting January 1, 2014.

With that in mind, a change in how the village pays the DACVB was placed on the board’s agenda at the Aug. 19 meeting.

The Village of Forsyth Board of Trustees approved $60,000 to be paid to the DACVB within the village’s 2013-2014 budget.

Payments were to be quarterly — in June, September, December and March — in four installments of $15,000 each.

The DACVB approached the village asking that the remaining balance of $45,000 be paid in two installments. That would mean
two payments of $22,500 each, one paid this September and a final payment made in December of this year.

The quarterly payments system had been in place dating back to 1993 at the request of the village, according to village board minutes.
Village Treasurer Rhonda Stewart presented trustees with three options for making the payment change.

1) Continue making the normal quarterly payments of $15,000 in June, September, December and March.

2) Pay as the DACVB suggested: the last three quarterly payments (total remaining balance to be paid of $45,000) in two installments. Each of the two installments in the amount of $22,500 — one paid in September 2013 and the second paid in December 2013.

3) Pay the total remaining balance in the amount of $45,000 in September 2013. During the approval of any funds to the DACVB in
budget year 2014/2015, the village would make one payment. The one payment would be uniform with other annually approved hotel/motel fund payments.

Village staff’s recommendation was for Option No. 3. Trustees agreed, with all votes in favor of authorizing the village treasurer to pay the DACVB the remaining balance of $45,000 in September 2013 in one payment. This change includes authorizing future funding of a single payment at the start of the village’s fiscal year, which begins each May.

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