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Flooding cuts casino rake for city revenues

Flooding cuts casino rake for city revenues

Posted: May. 15, 2019 8:42 AM
Updated: May. 15, 2019 8:42 AM

Speech to Text for Flooding cuts casino rake for city revenues

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. like any good gambler, the city of st. joseph has hedged its bets on income coming from gaming for the year. because of spring flooding, city leaders have cut back on expected revenues from the st. joseph frontier casino. the trickle down means less funding for local agencies and programs. <<(alan van zandt reporting) you can include the city of st. jospeh among those who have lost at the casino. spring flooding that closed st. joseph's frontier the boat with the city's budget.(sot: bryan myers, st. joseph city council: "with the casino losing revenue because of the flood and closed for a couple months this year, the city gets less revenue to play with from the gaming fund.")the city's jackpot from gaming is normally about $75,000 per month-- revenues get put in a special fund to be spent on capital projects, non-profit grants, special projects and other organizations. the city is estimating a loss of about $120,000 because of casino flooding -- so some cuts had to be made..(sot: bruce woody, city mgr.: "allied arts, because they're not going to have trails west next year, is $30,000 saved. for the next year, innovation stockyards will be receiving about $7,000-8,000 less. looking at the regional council, about $10,000 less.) (sot: myers: "every dollar we invest in that fund should have a rate of return on it. i look at it like it should be some kind of investment. we looked at the different groups that were available. some groups were a solid investment historically, some groups were not.")so while no agency should go bust because of the move, city leaders are happy to keep their budget afloat for 2020. "our main objective was to make sure we have a balanced budget. this is the first time we've had a balanced budget for the city of st. joseph in four years. this is a giant step forward for us in getting our finances in order.")>> the $120,000 in gaming losses is only part of a $335,000 cut in budgeted expenditures from the gaming fund for next
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