8. Staff Report-Farmers Market Fiscal Agent
Staff Report
Date of Meeting: May 11, 2015
To: Economic Development Authority
From: Kristina Handt, Executive Director
Re: Scandia Farmers Market Fiscal Agent
Background:
As you may remember from the last meeting, Pam Arnold from the Scandia Farmers Market was
present to provide an update on their organization and also asked for a few things. One of those
was that they are in need of a fiscal agent. She will be at the meeting to follow up on that
request.
Issue:
Should the EDA serve as the fiscal agent for the Scandia Farmers Market?
Proposal Details:
According to Pam, the market is in a good financial position but recently lost their volunteer who
had been willing to create an LLC and serve as fiscal agent. She told me the market only writes
about 9 checks a year and that the market board members would help with bank deposits.
I shared this information with the auditor and asked for feedback and requirements we would
need to follow. I am still waiting for a response and hope to have it my meeting time.
I also have some concerns about City/EDA staff taking on additional responsibilities when we
don’t have growing resources. Even though it may be a small account we would still have some
fiduciary duties/responsibilities for the fund so we couldn’t just let volunteers do all the work.
Options:
1) Agree to serve as fiscal agent for the Scandia Farmers Market
2) Do not agree to serve as fiscal agent for the Scandia Farmers Market
3) Do not make a decision at this time