City ups reporting mandates for certain grant recipients

Published: Feb. 14, 2024 at 9:44 AM AKSTFAIRBANKS, Alaska - At Monday’s regular meeting, the Fairbanks City Council tucked into code new financial reporting requirements for certain recipients of grants drawing from city bed tax revenues.

The local legislation passed Monday mandates sending a financial audit to the city by Sept. 1 each year for any organization bringing in $500,000 or more from city bed tax revenues, so the major change will come for Explore Fairbanks. The ordinance also solidifies myriad other means for the top tier to foster what the sponsors call financial transparency, namely delivering to the council an annual report along with a budget, employee salary information and plans outlining future goals.“We 150% support this ordinance,” CEO Scott McCrea told the council at a Jan. 22 meeting.

The new ordinance also amends FEDC’s financial reporting guidelines. Any organization granted between $100,000 and $500,000 must give the council financial statements a certified public accountant has reviewed, along with a budget and salary information. FEDC is currently the only recipient falling between those fiscal posts.

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