Finance and Administration Report - CASINO REVENUE – 2016 1st QUARTER
Financial report on casino revenue received from the Ministry of Finance for the first quarter of 2016.
TOWN OF VIEW ROYAL COMMITTEE OF THE WHOLE REPORT
TO: Committee of the Whole DATE: May 20, 2016 FROM: Michael Dillabaugh, Director of Finance MEETING DATE: June 14, 2016
CASINO REVENUE – 2016 1st QUARTER
RECOMMENDATION: THAT Committee of the Whole receive the Casino Revenue – 2016 1st Quarter Report for information.
CHIEF ADMINISTRATIVE OFFICER'S COMMENTS: I concur with the recommendation.
PURPOSE OF REPORT: To provide Council with information regarding casino revenue received.
INFORMATION: Each quarter the Town receives a transfer from the Ministry of Finance for casino revenue. The Town keeps 45% of this transfer, with the balance being forwarded to Langford, and Langford in Trust.
The Town has received $491,890 in Q1 of 2016, which is above the amount received in Q1 2015 ($479,832) and above the budgeted $460,000 by $31,890.
RECOMMENDATION: THAT Committee of the Whole receive the Casino Revenue – 2016 1st Quarter Report for information.
SUBMITTED BY: M. Dillabaugh, Director of Finance
REVIEWED BY: K. Anema, Chief Administrative Officer
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