[Adopted 7-15-2008 by Ord. No. 08-09; amended in its entirety 2-24-2015 by Ord. No. 2015-02]
[1]
Editor's Note: R.I.G.L.§ 42-31-2 was repealed by P.L. 2005, Ch. 234, § 3, effective 7-9-2005; P.L. 2005, Ch. 236, § 3, effective 7-9-2005.
[Amended 8-16-2016 by Ord. No. 2016-4]
As a result of the introduction of casino gaming in neighboring Massachusetts, and to provide additional fiscal safeguards previously addressed in Article II regarding the allocation of Gaming Commission revenues, starting on fiscal year July 1, 2015, the base amount to be used in the annual budget will be reduced by $200,000 and therefore be established to be $5,200,000.
[Amended 8-16-2016 by Ord. No. 2016-4]
As of July 1, 2016, annual increases to will be suspended and base revenue amount to remain fixed at $5,200,000.
Prior to the close of accounts in each fiscal year, any amounts collected in excess of the amount allowed as defined in § 7-6 shall be permanently transferred into the Town Capital Projects Fund.
[Amended 8-16-2016 by Ord. No. 2016-4]
A. 
Casino gaming in neighboring Massachusetts is scheduled to begin in 2015 and is projected to result in significant gaming revenue declines for the State of Rhode Island and the Town of Lincoln .
B. 
Beginning in the fiscal year July 1, 2015, through June 30, 2016, there shall be established a Gaming Revenue Reserve Fund which will further secure excess casino revenues to protect from future budget shortfalls.
C. 
As of July 1, 2016, any casino gaming revenues pursuant to § 7-7, Excess funds, collected at the conclusion of the fiscal year ending on June 30, 2016, that represent 15% or less of the total casino gaming revenue for that fiscal year, and each successive fiscal year thereafter, will be transferred into the Gaming Revenue Reserve Fund.
D. 
Casino gaming revenues received in excess of 15% on June 30, 2016, and thereafter, as defined in this section, and §§ 7-5, 7-6, and 7-7 will remain in the Capital Projects Fund for allocation as such.
E. 
Revenue may only be allocated by resolution of the Town Council from the Gaming Commission Revenue Reserve Fund:
[Amended 8-21-2018 by Ord. No. 2018-5]
(1) 
In the event that total gaming revenue received in any fiscal year falls below the base amount of maximum commission revenue allowed under §§ 7-5 and 7-6;
(2) 
In the event there are insufficient funds available in Capital Fund No. 50 for a proposed capital improvement project. Revenue allocated from the Gaming Reserve Fund cannot exceed the limits prescribed in §§ 7-5 and 7-6.
(3) 
Not withstanding the above, to provide for the allocation of a $1,369,500 revenue transfer to the Capital Projects Restricted Fund to provide available funding for additional expenses incurred with the addition of an owner's project manager in excess of the $60,000,000 High School construction bond approved in 2017.
[1]
Editor's Note: Pursuant to Ord. No. 2020-1, adopted 2-18-2020, as of 6-30-2020, the Gaming Revenue Reserve Fund will maintain a restricted balance of $2,000. Any excess funds remaining, and any additional gaming funds received as of 6-30-2020, will be directed to Capital Restricted Fund No. 50 pursuant to those stipulations set forth in Ord. No. 2009-08 restricting the use of excess gaming revenue.