01-340 Resolution No. 01-340
RESOLUTION
ESTABLISHING A POLICY FOR THE USE OF RIVERBOAT PROCEEDS
WHEREAS, the City Council of the City of Elgin, Illinois, has
determined that it is necessary and desirable to continue the
city' s efforts to maintain and improve the city' s credit
worthiness, and and in furtherance thereof to establish a policy
related to the appropriate use of proceeds the city receives from
the Grand Victoria Casino.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF ELGIN, ILLINOIS, that the following policy is hereby established
for the City of Elgin setting forth the appropriate uses of
Riverboat proceeds the city receives from the Grand Victoria
Casino:
A. Riverboat proceeds (revenue) shall not be utilized to
fund Operating Expenditures except in the event that existing cash
reserves are exhausted due to emergency expenditures . The use of
Riverboat proceeds as a result of the exhaustion of cash reserves
shall be for one year or less and be used solely to address cash
flow shortfalls between Operating Expenditures and revenue
collection.
B. The use of Riverboat proceeds shall be restricted to
Capital Expenditures, One-Time Non-Operating Expenditures and
Agency/Organization Funding.
C. For the purposes of this policy the terms listed below
shall be defined as follows :
Capital Expenditures : Expenditures for equipment, real
property or improvements to real property including, but
not limited to, construction of, and major alterations,
remodeling or repair of physical facilities, buildings,
structures, streets and highways, sidewalks, storm and
sanitary sewers, fixed equipment and landscaping in an
amount of $10, 000 or more and with a useful life of five
years or more .
Operating Expenditures : Expenditures for regularly
occurring operations that provide basic governmental
services including, but not limited to, personnel costs,
supplies, utilities, materials, travel and fuel .
One-Time Non-Operating Expenditures : Expenditures which
are not Operating Expenditures or Capital Expenditures
and that are not anticipated to occur more than once over
a five year period.
Agency/Organizational Funding: Funding to not-for-profit
agencies and organizations that have received an
exemption under Section 501 (c) of the Internal Revenue
Code which operate in the City of Elgin, and pursuant to
a written contract with the city provide charitable,
literary, educational or civic services directly to the
residents of the city.
D. A five-year financial plan shall be adopted and updated
annually identifying the use of the Riverboat proceeds .
E. The Fiscal Services Manager, in conjunction with the
Budget Officer shall endeavor to determine the financial impact of
capital projects, that are funded with Riverboat proceeds, on
general fund operations .
s/ Ed Schock
Ed Schock, Mayor
Presented: December 19, 2001
Adopted: December 19, 2001
Omnibus Vote : Yeas : 6 Nays : 0
Attest :
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
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