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4/5/2018 1:04:04 PM
 
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Section 5: OPA Board Subject: Casino Funds History Msg# 1010013
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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.
Something does not make sense. Why aren't the casino finds listed as revenue that would decrease the assessment? Is the money collected each year from the county, some $450,000, also not used to reduce the assessment? I don't think that is the case. By the way, I believe some $50,000 or so of that county pass through money is for roads. My memory tells me that the the board at some point decided not to include the casino money as revenue in the budget because OPA did not know how much it would be from year to year. Didn't make sense then. Is there any other OPA revenue that is handled in a similar fashion? I think the answer is NO. Maybe I am missing something, but I have yet to hear a reasonable explanation. |
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For reference, the above message is a reply to a message where: 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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