The City of Richmond has reached high-roller status.
The city took in a record $21 million share of River Rock Casino and Resort gaming revenues in 2014, according to Richmond’s end-of-year financial statements.
The extra money may result in a boost to community grants and one-time community projects and grants.
The 10 per cent share from the Rock bested the previous record of $17.6 million, set in 2013.
2014 marked the 5th straight year of gaming revenue growth for the city.
The record may have been tempered, somewhat, after the BC Lottery Corporation skimmed an estimated $470,000 from Richmond to pay for a restructuring project, according to the BC NDP.
By December 2014 the city had accumulated $15 million in unallocated casino funds.
That's why, in anticipation of the record sum, city councillors asked city planners in October to review the policy for casino revenues.
As a result, planners presented a review of gaming revenue and expenditures to the finance committee this week. However, debate was delayed due to the absence of two councillors.
The staff report also presents various recommendations on future spending, such as the creation of a Community Initiatives account and a 70 per cent increase in community grants.
The Initiatives account would initially be funded with $3 million of unallocated funds. Subsequent years will see a two per cent cash injection from annual revenue, to the account, for various environmental, heritage, safety, arts and culture projects.
Another recommendation is to increase gaming grants to community groups by $550,000. Planners are also suggesting that 15 per cent of all future casino money goes toward grants.
That 15 per cent would eliminate $1.4 million, designated to city grants, from the operating budget
Since 2004 the city has received about $148 million from the casino. Most of the money has been spent on infrastructure, such as $50 million on the Richmond Olympic Oval (33 per cent) and $56 million on various capital projects (fire halls, roads).
2015 marks the first of 10 annual $5 million casino cash payments toward the new Minoru pool and seniors’ centre loan ($50 million).
Council has recently shown an appetite to use the the growing excess funds for one-time, non-infrastructure expenses, such as a $3 million loan for a subsidized housing project and a $1.8 million property tax break.
Proposed 2016 casino money spending (based on $18 million budgeted amount):
Financing (pool) - $5 million
Capital reserves – $5.4 million
Facility replacements (reserves) - $3.8 million
Grants – $2.7 million
Four RCMP officers - $700,000
Community initiatives – $360,000
Casino expenses to December 2014:
