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”
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Peavey's wellness program honored after workers drop 1,000 pounds
- Group, lesbian couples look to overturn state's ban on same-sex marriages
- Pickering lists concerns over Mississippi Adequate Education Program formula
- Mississippi Film Studios signs contract with New Orleans company
- Watkins says JRA out to block him from Farish by repaying HUD $1.5M
- Mars Food expanding Delta plant; investing $31M and adding jobs
- State renews battle over water use with city of Memphis
- DAVID DALLAS: You say “Obama”, I say “Ebola”
- Biloxi baseball project still alive but may be held for 2015