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<br /> Chadtable Gambli.n;J update/ConClusions <br /> . PagE' 'IWo <br /> An equitable solution may be to require the trade area spending <br /> requireJ:lient to 30 percent (effectively 20 percent) of net profits from <br /> the existing 50 percent level. Although not "revenue neutral" (14.3 <br /> percent of gross profit in discretionary spending v. 15.6 percent <br /> today - 13.3 percent if a 1 percent gambling tax were imposed), this <br /> approach still allows non-profit organizations an opportunity to raise <br /> significant funds for charitable purposes. <br /> DIsaJSSION WI'lH CITY ATIORNEY: <br /> On June 24, I discussed my June 22 memo (see attached) with Attorney <br /> Filla. Mr. Filla generally agreed with suggestions and would be <br /> prepared to discuss any questions Council may have about this <br /> information. <br /> ~TIONS: <br /> 1- Council should mandate upon 100 percent conpliance with the <br /> present 10 percent net profit contribution requirement retroactive <br /> to the beginning of 1992. <br /> 2. In order to regulate 10 percent net profit contribution and trade <br /> , area spending conpliance, Council should consider ilrposing a 1 <br /> percent gambling tax. <br /> 3. In light of the significant al1lOUTIt organizations spend f= various <br /> State gambling taxes, Council should consider reducing the trade <br /> area spending requirement to recognize the impact of the State tax <br /> b..lrden to the organizations. A reduction from 50 percent to 30 <br /> percent seems appropriate. <br /> 4. create a standardized reporting format for licensed organizations. <br /> '!he fom (see attached example) would require l1\Onthly reporting <br /> (and payment). '!he fom would also collect trade area spending <br /> information. <br /> TP/ts <br /> Attachments <br />4 <br />.~c~= _. ~F!! <br /> -- _... u.._,.. <br /> _~':,"'r'" -.'~_. <br /> ',:.:l ~:,._'~-+---"';;''';''''... <br />