Video lottery monies fund town projects
Since Shepherdstown began receiving Video Lottery Funds, now including Table Games and LVL, the town has gained over $4.25 million from this source and has used these funds for a range of purposes, including retirement of town debt, equipment purchases and capitol improvements, donations to projects and programs originated by local organizations that have benefited the town and its residents.
The town council has set a policy to allocate a major portion of annual video lottery receipts for capitol projects and to have these funds accrue until they are to be used.
The allocation for the current year is:
Infrastructure Projects: $500,000
Town Capitol Improvements: $958,550
Parks Capital: $18,225
The projected total video lottery receipts for the 2010-2011 fiscal year is $562,200.
Since Video Lottery Funds are earned based on town population, the funds should broadly benefit the town. This fact will be a guiding principle for funding decisions. It should also be noted that because of legislation enabling competing gaming ventures in adjacent states, estimates are that total video lottery receipts may decrease substantially over the next several years.
Guidelines for Donations:
In-Town projects have the highest priority
New (1st time) projects have the highest priority
Previous grantees cannot return the year following receipt of a grant
Financial reports, if applicable, are required
Written summary of how the grant was used must accompany invoices delivered to the Town Clerk.
Grant must be used by March 1.
The deadline is March 1. For more information, contact Shepherdstown Town Hall at 304-876-2312.