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MINUTES OF THE FAIRGROUNDS COMMITTEE OF THE CITY OF PARIS June 6, 1991 The Fairgrounds Committee of the City of Paris met Thursday, June 6, 1991, 5:00 P. M., Council Chambers, City Hall, Paris, Texas. Chairman Billy Joe Burnett called the meeting to order with the following members present: Councilman Jim Bell and Councilwoman Smith. Also present was City Manager, Michael E. Malone, City Attorney, T. K. Haynes, Director of Finance, W. E. Anderson, and City Clerk, Mattie Cunningham. Chairman Burnett announced the purpose of the special meeting was discussion of sublease agreement between the Red River Valley Fair Association and the Paris Rodeo and Horse Club. there was no discussion needed regarding the sublease agreement between the Red River Valley Fair Association and the Paris Rodeo and Horse Club. Chairman Burnett called for discussion of lease agreement between the Red River Valley Fair Association and the City of Paris, pointing out a memorandum from Gene Anderson, Finance Director for the City of Paris, with two recommended options which could be used in clarifying the needs of the City in establishing a clear understanding of the financial condition of the Red River Valley Fair Association, and they are as follows: Option One The City of Paris or its designated representative shall have full and complete access to all Fair Association records necessary to perform an audit of the Fair Association's financial records in accordance with generally accepted auditing standards. The cost of this annual audit shall be refunded to the City by the Fair Association within thirty days of being billed for said audit by the City of Paris. Option Two The Fair Association shall have an annual audit of its financial records prepared by a Certified Public Accountant in accordance with generally accepted auditing standards. This audit must be prepared using either an accrual basis or a cash basis of accounting. No other reporting basis is acceptable and the accrual basis is the preferred method. This audit is due on or before the first day of May of each year. Mr. Anderson explained that after review of the minutes of the previous meeting, it was his understanding that the Committee wanted a recommendation that would satisfy the needs of the City of Paris, he assumed the needs of the City of Paris was to be able to understand the financial condition as well as the operation of the Fair Association. Mr. Anderson said he felt that there was two ways that could be done.