Officials concerned over depleted casino fund reserves
Published: February 27,2013
GREENVILLE — The city of Greenville has about $12,000 remaining from the $1.6 million in casino revenue budgeted this fiscal year.
The Delta Democrat Times reports that in previous years the city used other tax revenue or borrowed money for day-to-day operations and various repairs. For the fiscal year that began Oct. 1, 2012, the city decided to use $1.6 million in casino revenue for capital expenditures and to match grants. The city also had $358,000 in casino revenue left over from the previous year.
Greenville has two casinos — Harlow’s Casino Resort and Trop Casino Greenville.
The city also has an agreement with the Greenville Public School District to share casino revenue with the district by paying them 14.2 percent, which equals about $162,590 a year.
Some city officials have expressed concern about the depleting casino revenue funds.
Councilwoman Ann Hollowell said the city is approving almost every grant and project, thinking that the funds are there to be spent. She said while the casino money was set aside, the remainder of the budget is tight.
“We are running out of money,” she said. “This is a grave concern for me.”
The city spent $8,000 from the casino funds after the city’s fleet building was damaged in the Oct. 17 storm, external financial consultant Steve Osso said.
“The money was used to secure the property at the fleet compound to protect the boundaries — to fix the big gates so people couldn’t trespass,” he said.
Money also has been allocated to street repairs and to match water and sewer grants.
To sign up for Mississippi Business Daily Updates, click here.
One Response to “Officials concerned over depleted casino fund reserves”
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- White House hotel making comeback in Biloxi
- Supreme Court deals blow to McDaniel's election challenge
- Guns OK inside Mississippi polling places, attorney general says
- Baseball stadium for Farish Street? It’s possible
- McCarthy hired as CFO of Mississippi Development Authority
- 'Get on Up' movie premiers in Madison with Chadwick Boseman and Tate Taylor walking the red carpet
- Bryant protests immigrant children being housed in state
- Gunn, Reeves introduce performance-based budget plan
- State GOP chairman calls on McDaniel to hurry with challenge
- Three indicted, alleged to have embezzled from agency