Casino earnings save lives in band division
Brantford Band divisions are heavily dependent on gaming revenue from Element Casino Brantford and Ontario First Nations Ltd, local media reported. Revenue-sharing agreements allow municipalities to use casino revenues to fund many departments that are already operating in the red, and funds can save lives.
According to reports, game money is used to fund underperforming departments such as health services, social services, community services and public works. In addition, the band’s overall budget is estimated at C$124 million and its operating budget is forecast to post a deficit of about C$3.6 million by the third quarter.
Fortunately, the tribes posted a surplus of C$8 million on revenue from the Element Casino Brantford and Ontario First Nations Limited partnership, bringing the overall operating forecast surplus to C$4.3 million. As of the third quarter, the operations of the six First Nations were managed with a surplus of C$177,109, but the current surplus was over C$10 million thanks to casino revenue.
Game allocations have reached more than C$12.7 million, according to a recent report, which is expected to be much higher in the Treasury’s words. On Monday, February 6, 2022, the court of the finance meeting of the elected parliament commented that OFNLP had secured more funds than originally communicated. Only CA$2.4 million was spent by the court.
There are currently four departments operating in the red. The first division is health services with a 397,000 Canadian dollar deficit, social services with a 218,000 Canadian dollar deficit, public works with a 453,000 Canadian dollar deficit, and community services with a 2.9 million Canadian dollar deficit. The court believes they will not have the fear of maintaining the deficit, but the funds are not yet available.
It is also noteworthy that most departments are operating in the black. By the end of the year or the fourth quarter, the Treasury expects the band to run a deficit of C$3.6 million without the help of casino revenue. However, with a surplus of C$8 million in gaming revenue expected, the year will end with an operating surplus of C$4.3 million.
Element Casino Brantford offers many positive elements in its operations to the local economy. Local government donation agreements allow municipalities to receive quarterly game allocations from Ontario Lottery and gaming companies. The most recent was a non-tax gambling revenue of C$1,372,633 for the second quarter of fiscal 2022-2023.
In addition, casino real estate has become one of the first casinos in the province to offer retail sports betting to customers. In late October 2022, Amenity of Great Canadian Entertainment launched a dedicated sportsbook lounge named the Great Canadian Sports Book. The other three casinos were Great Blue Heron Casino & Hotel, Pickering Casino Resort and Shorelines Casino Bellville.
BY: 바카라 필승법