HomeMy WebLinkAboutGaming Revenue - 5.55.pdfGaming Revenue Policy
Page 1 of 2 Policy 5.55 POLICY MANUAL Title: Gaming Revenue Policy No : 5.55 Supersedes: NEW Authority: Legislative Operational Approval: Council CMT General Manager Effective Date:
June 15, 2011 Review Date: 2012 Policy Statement: Gaming Revenue should be used to fund non-recurring items, and in particular, capital improvements that cannot be funded through development
charges. These revenues should not be used for funding the District’s ongoing operating expenses. Purpose: The Host Financial Assistance Agreement between the District of Maple Ridge
and the Province of British Columbia requires the municipality to use funds received under the agreement for public benefit. The allocation of funds should be in alignment with Council’s
Vision for the community. These funds should not be viewed as a long term source of revenue to support ongoing programs. Rather, and respecting the nature of the revenue stream, it
should be used to fund non-recurring items, particular those of a capital nature. There may be instances where certain programs are more directly related to the revenue stream (ex security).
Consideration can be given to funding these items from the Gaming Revenue stream, as long as it is understood that reductions in the revenue stream will require an offsetting reduction
in the program. Definitions: Base: The base amount for the purposes of this policy is assumed to be $500,000. Gaming revenue is variable in nature; the actual amount received in any
given year could be either higher or lower than $500,000. The base will be reviewed annually based on actual experience and projections, and may be amended during the Business Planning
deliberations. Capital Improvement: Improvements to, or acquisition of major and minor capital assets Council’s Vision: (Vision 2025, last amended 2007) The District of Maple Ridge
is among the most sustainable communities in the world. As a community committed to working toward achieving carbon neutrality, residents experience the value of a strong and vibrant
local economy and the benefits of an ongoing commitment to environmental stewardship and creation of stable and special neighborhoods. Maple Ridge is a world leading example of thoughtful
development and a socially cohesive community, especially as it relates to the use of leading edge “environmental technologies,” social networks and economic development. Other municipalities
consistently reference the District of Maple Ridge for its innovative approaches to dealing with seemingly intractable challenges.
Page 2 of 2 Policy 5.55 Minor Capital Improvements: Improvements to existing capital assets, or acquisition of minor assets such as street furniture. Gaming Revenue: The funding received
from the Provincial of B.C. under the Host Financial Assistance Agreement Key Areas of Responsibility Action to Take Annually and as part of the Business/Financial Planning Process,
projections will be done on the Gaming Revenue expected for the ensuing planning period Gaming Revenue up to $500,000 (the Base amount) will be allocated as follows: a) Minor Capital
Improvements in the Town Centre Area 2 20% b) Minor Capital Improvements, District-wide 2 20% c) Capital Improvement Fund 1 15% d) Downtown Security Presence 2 10% e) Neighbourhood
Initiatives/Social Capital 2 15% f) Increased maintenance and upkeep in Town Centre Area 2 10% g) Memorial Peace Park Events 2 2% h) Emerging Priorities 2 8% Notes: 1 Revenue exceeding
the base will flow to Capital Improvement Fund, a General Revenue reserve account to be used for Capital Improvements at Council’s discretion. 2 Any annual funds remaining at year-end
will be transferred to the Capital Improvement Fund. Develop recommended list of projects to which the gaming revenues can be allocated, in alignment with Council’s Vision and Financial
Sustainability Policies Review, amend and approve detailed allocation of gaming revenue as part of Business/Financial Plan Responsibility Finance Department Staff Staff Council