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4/5/2018 11:04:22 AM
 
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Section 5: OPA Board Subject: Casino Funds History Msg# 1010001
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Joe
The casino money gets direct deposited to our bank. It is handled in the budget as a direct contribution to the Roads reserve fund. It does not appear as revenue or expenditure on the general ledger. In the budget, we will have $511,784 as of 5-1-2018 in the Roads Reserve. The budget projection from casino funds is $325,000 with interest of 44,871 For a total of $329,871. There is $500,000 budgeted for roads this year leaving a balance of $341,655. The casino funds do not impact the assessment except that we do not have to collect assessments from the community for repairs. The $329,871 equals about $39 of assessment we don’t have to collect for reserves. Larry |
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For reference, the above message is a reply to a message where: Larry, as a member of the Budget & Finance Committee can you shed some light on how the $300,000 or so a year income from casino local impact funds is handled in the budget? I know the funds are transferred by the state to an OPA special account and then later transferred to some other account in reserves for roads. That said, is this income of $300,000 reflected in the actual assessment? In other words where can one see in the budget that the assessment is effectively lowered by that $300,000? |
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