Here is a breakdown of River Rock Casino and Resort revenue expenditures by the City of Richmond over the past 10 years (2004-2014).
Source: City of Richmond. Value: Millions of dollars ($147 million total)
These numbers include an estimated, projected total of $20.0 million in revenue and expenses for the City of Richmond in 2014. So far, through two quarters the city has procurred 10.05 million from its 10 per cent share of River Rock Casino and Resort revenues as the host city. The city stated it anticipates that revenue trend will continue through to the end of the year. Ergo, in total, since 2004, Richmond will have received $147.3 million by the end of the year. It will have spent or earmarked $131.9 million, leaving about $15.4 million unallocated.
For 2014 the city has earmarked $17.9 of the estimated $20 million for the following:
- $3 million loan for a social housing development loan
- $8.5 million for reserves and capital projects
- $5 million for the Olympic Oval (the last of 10 payments)
- $0.8 million for municipal grants
- $0.6 million for extra RCMP enforcement.
That leaves $2.1 million in unallocated funds if the city receives $20 million. Those funds were added to the unallocated pot of $13.3 million the city has procurred since 2004, for a total of $15.4 million.
Casino revenue has increased significantly over the past few years. If 2014 is any indication of 2015 revenues, the City of Richmond stands to have tens of millions of dollars in its reserves even after earmarking $5 million for Minoru recreation complex (seniors and aquatics centre).
For 2015 the city has earmaked the following funds:
- $5 million for the Minoru Complex
- $0.8 million for municipal grants (estimated, based on 2014 expenditures)
- $0.6 for extra RCMP enforcement (estimated, based on 2014 expenditures)
The remaining money has typically been put into reserves for future, one-time capital expense. If 2014 numbers are repeated in 2015, that leaves the city with an additional $13.6 million in unallocated money and/or money for reserves.
Among the capital projects the city has spent casino money on are (The city did not provide a detailed breakdown of these expenditures):
-Steveston firehall
-Cambie firehall
-"various" firehall seismic updates
-Steveston Interurban Tram
-Britannia Heritage Shipyard.
Among the minor projects the city has spent casino money on are (The city did not provide a detailed breakdown of these expenditures):
-Traffic improvements, like crosswalks, wheelchair ramps, signage/safety improvements
-Park improvements, such as playground improvements
-$1.4 million for the Nelson Road interchange
