The following descriptions appear in the note disclosures of the city of St. Louis, Missouri, financial statements
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The following descriptions appear in the note disclosures of the city of St. Louis, Missouri, financial statements for the year ended June 30, 20X5:
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The St. Louis Municipal Finance Corporation is governed by a five-member board, con- sisting of persons in designated city positions. The Corporation's sole purpose is to provide services to finance, acquire, lease, or sublease capital property for the city. It is considered to be a separate legal entity. The St. Louis Development Corporation is a legally separate entity with a governing body appointed by the St. Louis City Council. Although the Corporation exists to oversee development in blighted areas of the city, it may not issue debt or implement a budget for any development activities without the approval of the St. Louis City Council. The City Council appoints the voting majority of the St. Louis Housing Authority. The Housing Authority is legally separate, but the city does not impose its will nor is it deemed to have an ongoing financial benefit or burden relationship with the Authority. The St. Louis Public Library has the voting majority of its board members appointed by the St. Louis City Council. The Library is considered to be a legally separate entity and the city has no ongoing accountability for its operations. The St. Louis Regional Convention and Sports Complex Authority was created as a sepa- rate legal entity by the Missouri State Legislature in 199X. The Authority is governed by an 11-member board the city appoints three members, the governing board of St. Louis County appoints three members, and the Governor of the State of Missouri appoints the remaining five members. The city, the county, and the state have each contractually agreed to provide financial assistance to the Authority for ongoing maintenance needs in equal amounts. The Harry S. Truman Restorative Center is a 220-bed killed nursing facility operated as a not-for-profit separate legal entity supported by the city and located in a city-owned building. The city appoints a voting majority of the Center's board and the city's approval is required each year for the Center to finalize its budget. The Public Facilities Protection Corporation is governed by a five-member board of desig- nated city positions. The Corporation, a separate legal entity, provides self-insurance for the city exclusively for claims, judgments, and other related legal matters including worker's compensation.
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ANSWER These descriptions provide information about various entities associated with the city of St Louis Missouri and highlight their legal structures governance and relationships with the city Lets break down the key points for each entity St Louis Municipal Finance Corporation Governed by a fivemember board Comprised of individuals in designated city positions Its sole purpose is to provide services to finance acquire lease or sublease capital property for the city Considered a separate legal entity St Louis Development Corporation Legally separate entity Governed by a body appointed by the St Louis City Council Exists to oversee development in blighted areas Requires approval from the City Council for issuing debt or implementing a budget St Louis Housing Authority Legally separate entity Voting majority appointed by the City Council City does not impose its will nor has an ongoing financial benefit or burden relationship with the Authority St Louis Public Library Legally separate entity Voting majority of board members appointed by the City Council City has no ongoing accountability for its operations St Louis Regional Convention and Sports Complex Authority Created as a separate legal entity by the Missouri State Legislature Governed by an 11member board city county and state appoint members City county and state have contractually agreed to provide equal financial assistance for ongoing maintenance needs Harry S Truman Restorative Center 220bed skilled nursing facility Operated as a notforprofit separate legal entity Supported by the city and located in a cityowned building City appoints a voting majority of the Centers board Citys approval is required annually for the Center to finalize its budget Public Facilities Protection Corporation Governed by a fivemember board of designated city positions Separate legal entity Provides selfinsurance for the city exclusively for claims judgments and other legal matters including workers compensation These descriptions illustrate the diverse range of entities associated with the city each with its own governance structure ...View the full answer
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Governmental And Nonprofit Accounting Theory And Practice
ISBN: 9780132552721
9th Edition
Authors: Robert J Freeman, Craig D Shoulders, Gregory S Allison, Terry K Patton, Robert Smith,
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