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
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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
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* 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.