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December 3, 1993 <br /> To: Steve Sarkozy <br /> .City Manager <br /> From: Ed Burrell <br /> Finance Director <br /> RE: Renewal of American Legion Post 542 Class B Promises Permit <br /> Below is the summary of Post 542 ' s financial operation for the <br /> first 10 months of 1993 . <br /> Revenue <br /> Gambling ing Proceeds 1 5, <br /> Interest _3 3 . 61 <br /> Miscellaneous (109 , 00) <br /> Total Gross Income 11385, 418 .7 <br /> Less Prizes Paid 1.p 0. 4,r 48 7 <br /> Net Proceeds 300, 931 . 09 <br /> E erg ems <br /> State and Fed, Gambling Tax 49, 011.23 <br /> Pul I t ah Tax 30, 832 , 12 <br /> Goods Used 26, 568 .52 <br /> Compensation 62,475 .67 <br /> Accounting 41300 - 00 <br /> Miscellaneous 785 .94 <br /> Equipment 718 . 87 <br /> Utilities 71900 +00 <br /> Bond / Insurance 4, 100 . 00 <br /> Total Expenses 186g692 .35 <br /> Profit Before Contributions 114, 238 , 74 <br /> Lawful Contributions 136, 197 .74 <br /> Local Tax 8, 940 ,34 <br /> 10% Contribution 9r960 .71 <br /> Net Profit for 1993 (23, 670 .41T <br /> Carry-Over Balance Jan 1, 1992 70, 362 ,84 <br /> Carry-over Balance Current 46, 692 ,43 <br /> Comments <br /> It appears that Post 542 will meet the 25 carryover requirement <br /> �� � he required 5� �� split of net <br /> for. the ear, and will he within t � � <br /> Y <br /> profits. <br /> Neither our financial review or the Police inspections has <br /> indicated the presence of any concerns . <br /> Staff is therefore, recommending renewal of the Post 542 ' s Class B <br /> premises permit, <br />