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The Cape Girardeau City Council passed the Casino Funding Policy at the Oct. 1, 2012 meeting. Staff presented a list of potential projects to be funded first from this new revenue stream. Your City Council members will be reviewing this list and soon discussing it.
Casino Funding Policy
Cape Girardeau City Council
Adopted Oct. 1, 2012
Purpose: The purpose of this policy is to define the proper use of the new casino revenue the City will receive. The City Council appointed a Sub-Committee comprised of two council members, Kathy Swan and John Voss, and City Manager Scott Meyer, to create a Casino Funding Policy. The Sub-Committee felt the City would benefit from a contemplative process that drew from the experiences of other casino cities, non-profit organizations, and successful business models to establish the direction and use of the new revenue source. The Sub-Committee spent over one year drafting a proposal, and the full City Council endorsed the policy with a few minor changes.
Transparency and Accountability: As with any fiduciary responsibility of the City, the importance of transparency and accountability is vital to the confidence of the citizens in the use of these funds. A new Casino Fund shall be established, similar to other special revenue funds of the City and reported on semi-annually to the City Council . As with all special revenue funds, staff will estimate revenues available for each upcoming year and will track revenues and expenditures to stay within that budget. All revenues do not have to be spent within each fiscal year and can be carried over for the next year’s budgeting process. Fund balances can be accrued to pay for specific larger projects. The Casino Fund shall be split into four funding categories:
- Casino Obligation
- Capital Improvement
Separate accounts shall be maintained for each category. Unspent revenues in each category will be carried forward as available revenues for that category in the following year.
Process: The planning for expenditure of the casino funds shall be through the normal CIP and Operating Budget process. Input for the use of Casino revenues will thus be taken during the normal hearings for these processes and those priorities measured against other priorities in the City.
Casino Obligation – “as promised” 10 -15%
Regional Economic Development 3%
(Adjacent Community Fund)
Riverfront 8% approx.
70% of total revenues to be used
For capital improvements in the
Revenues to be set aside by the City to build an
endowment; it is the intent that the endowment only
use the interest many years in the future.
Capital Improvement 40-60%
Revenues to be used for projects selected by the City
Council from the City’s CIP budget; will include the
funding for design and construction.
Revenues to be used to support one-time costs for innovation
purchases that will save operating budget into the