Council Commits OLG 2015 Reserve Funds
The City of Niagara Falls recently received the reconciliation of annual revenue for the second year of OLG's Municipality Contribution Agreement for hosting two casinos. The total amount the City received for 2015 was $21,468,273, compared to the $21,263,695 received in 2014.
During recent budget deliberations, City Council has committed $17,285,736 of the revenue to operational and capital needs. Council has agreed that the balance of funds will be allocated to capital projects identified by Senior management that currently do not have funding.
Council approved the following additional 2015 projects, totaling $4,177,105, to be funded from the OLG Municipal Contribution Agreement:
- Tree Planting $37,500
- Fleet Purchase (including transportation) $400,000
- Buchanan Avenue Reconstruction $2,176,000
- Sidewalk Replacement $150,000
- Royal Manor Bridge Design $50,000
- Peer Street/Grey Street Design $100,000
- Fire Station 3 Renovations $60,000
- Fire Administration Roof Replacement $45,000
- Cemetery Renovations $246,000
- Boiler Replacement - Armoury Building $60,000
- Oaks Park Grand Stand Improvements $315,000
- Battlefield Park $150,000
- George Bukator Park Improvements $250,000
- Fire Station Diesel Fumes Extraction $99,515
- Second Ave. Sanitary Sewer Design $38,000
Total: $4,177,015
The revenues received in 2014 from the OLG contribution agreement have been used in a variety of ways including levy reduction, capital reinvestment, regional policing, establishment of a reserve for future hospital development and economic development initiatives.
The following is a summary of how the money from the OLG has been spent over the past two(2) years:
- Capital Asset Reinvestment 49.10%
- Tax Levy Support 28.40%
- Niagara Regional Police Contract 19.80%
- Economic Development Initiatives 1.73%
- Contribution to Hospital Reserve 1.00 %
Total: 100.00%
Furthermore is a summary of the allocation of Capital Investments by City Responsibility:
- Core Infrastructure (Roads, Sewer, Water, Bridges, Sidewalks) Investments 67.00%
- Park Investments 9.90%
- Fleet Purchases 5.50%
- Transit Investments 3.40%
- Building Investments 3.60%
- Fire Investments 2.80%
- Transportation Investments 1.90%
- Parking Asset Investments 1.70%
- Other Municipal Investments 4.20%
Total: 100.00%
The OLG Agreement has had, and will continue to have, a positive impact on the City of Niagara Falls. The spending has been focused on core areas, with the majority of capital investments to core infrastructure improvements, fleet and park and recreational improvements.
|