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CASE # ~ <br />REPORT ON LAWFUL GAMBLING SPECIAL REVENUE FUND STATUS <br /> By: Jessie L. Hart, Finance Officer <br /> <br />Background: <br /> <br />Attached for yo& review and discussion is the current status of Fund #270 - Lawful Gambling <br />Special Revenue!Fund. The monies accumulated in this fund are representative of the 10% of net <br />profits required u~de~' the current ordinance. <br />The fund balanc~¢~)ecember'~') 31,199~'~vas $39,823.7(~hich is almost double that ~ December <br />31, 1992. The l~ge increase is due to s~veral of the org~izafions having a full year of activity as <br />well as the additi ,6. n of new organizations operating lawful gambling sites in the City. <br /> <br />The monies in th~s fund can only be spent in a manner consistent with State Statutes governing <br />lawful purpose cdntributions. The City has designated the monies as follows: .~0< <br /> Proceeds;' realized into the Lawful Gambling Special Revenue Funje expensed <br /> exclusive!y for recreation, community and athletic facilities intended primarily for persons <br /> under age[21, provided that such facilities and activities do not discriminate on the basis of <br /> ~t,,gender {md that such revenue not be used for operating equipment, supplies, wages or <br /> any other ton-capital expenditure. <br /> <br />The Park and ReCreation Commission has formalized the "Lawful Gambling Fund Improvement <br />Program" which[was discussed earlier on this agenda and addresses the requirements in the <br />existing ordinance. ) <br />As you recall, wa have been in the process of reviewing and revising the actual Lawful 91imbling <br />Ordinance as it ctg'rently exists. While Councilmembers Beyer and Zimmerman and rrf~ave <br />recently discuss~ some changes to the ordinance, I am not'Prepared to discuss those changes to <br />any extent at this ~venings meeting. I would anticipate drafting the revisions and reporting back to <br />the Finance Co~ittee at the April 26, 1994 meeting. This allows sufficient time to again meet <br />with Gambling~ager and representatives of the various organizations to review the proposed <br />changes as well a{ allow sufficient time for legal review and opinion. <br /> <br />Committee Action: <br /> <br />For discussion pm'Poses only - no formal action required. <br /> <br />Reviewed By: <br /> <br />City Administrator <br />Finance Officer ~ <br /> <br />FC: 03/22/94 <br /> <br /> <br />