Loading...
HomeMy WebLinkAbout2005-10-12 05-333 ORDERItem no;_ 333 Data: 10-12-2005 Item/Subject Establishing a Special Revenue Fund Entitled Racino Fund Responsible Department: Finance Commentary: The attached Order and accompanying guidelines will establish a special revenue fund entitled "Radno Fund" Mat will be used to account for all slot revenues received by Me City. The guidelines establish Me purpose, Ponding, authority to use and withdraw, and amounts and limits that govern the operation of the fund. De rbn¢at Head France Committee recommends approval. As noted in Me guidelines, the CIN Council must approve any of the proposed uses of this fund. City Manager Associated Information: Racino Fund Guidelines Budget Approval: r Legal Approval: Introduced For X Passage _ First Reading Referral Page _ of 05 333 nssi¢osa ro como.aor cssn 11 CITY OF BANGOR (TITLE.) ORDER, Establishing a Special Revenue Fund Entitled Racino Fund WHEREAS, as owner of the Bangor Racetrack and host cornmunity for the Hollywood Slots Racim, the City is entitled to a percentage of gross slot revenues; and WHEREAS, it Is the Intent of the qty to utilize a significant portion of these revenues for activities and costs associated with replacing the Bangor Auditorium; NOW, THEREFORE, BE IT ORDERED BY THE CRY COUNCIL OF THE CITY OF BANGOR THAT, a special revenue fund entitled "Racino Fund" Is hereby established in accordance with the attached guidelines. IH CITY C006CIL i� October 12, 2005 - nerme xeae and seeoeaea for Passage P as xx cfxxg * 05-333 ORDER IM1ma Entitled Racine Fund A�egoetl bCooetilo� lB6aU/If.IF 05 333 RACINO FUND GUIDELINES 1.0 Puriwse Revenues received by the Cry from the operation of a Racino in Bangor are generally W be utilized for specific designated purposes and not for general municipal operations. Except as otherwise established by these guidelines, the City's percentage of slot revenues shall be designated toward the costs associated with replacing the Bangor Auditorium. 2.0 Uses 2.1 Costs associated with replacing the Bangor Auditorium, including but not limited to: land acquisition, engineering and architectural services, other consulting services, and construction and operating costs for a new facility. 2.2 Capital costs necessary to continue to operate the City's current auditorium and civic center until a new facility is available. 2.3 Demolition and/or renovation costs associated with removal and/or reuse of the Bangor Auditorium and Civic Cerner 2.4 Capital costs associated with relocation of the Bangor State Fair, either within the Bass Park Complex or to a new, location. 2.5 Reimbursing the CiNs General Fund for past, present and future costs associated with attracting and locating the racino in Bangor. 2.6 Replenishing the City's Undesignated Fund Balance under circumstances where that balance has fallen below the target established by City policy, due to annual operations or extraordinary circumstances. 2.7 Funding additional expenses of the General Fund resulting directly and solely from the operation of slot machines in Bangor, e.g.; the costs of additional police personnel required solely W meet the demands for service of such a facility, if required. 3.0 Funding The Racino Fund will be funded by appropriating W it the percentage of slot revenues received by the City. 4.0 Authority to Use and Withdraw The City Council must authorize the expenditure of these funds, either as an element of the annual operating budget or through a separate appropriation resolve, with the exception of the purposes outlined in 2.4 and 2.5. 5.0 Amounts and Limits. No limitations are placed on the amount that may be carried in this fund.