RESOLUTION NO. 493
PROVIDING FOR A PLAN OF DISPOSITION OF COMMERCIAL GAMING REVENUE FUNDS
Introduced:
By: Mauriello, Burgdorf, Collins, Conway, Drake, Grimm, Lockart, Perlee, Smith
WHEREAS, Chapter 174 of the Laws of 2013, the "Upstate New York Gaming Economic Development Act of 2013", provided for the creation of four upstate casinos, one of which is now located in Schenectady, New York, and
WHEREAS, Section 10 of Chapter 174 created Section 97-nnnn of the State Finance Law, providing that 10% of the taxes and fees collected on upstate casinos be distributed from the commercial gaming revenue fund to counties within the region of an upstate casino, which includes Albany County, and
WHEREAS, In 2024, the projected commercial gaming revenue for Albany County was $2,450,000, and
WHEREAS, In 2020, the Albany County Legislature adopted Resolution 395 of 2020, creating the Advance Albany County Alliance for the purposes of promoting employment and economic development within Albany County, and
WHEREAS, The Advance Albany County Alliance has no dedicated funding source, instead being reliant on annual appropriations through Albany County's budget process, and
WHEREAS, Diversion of Albany County's gaming revenue as a dedicated funding stream for economic development in Albany County is sound public policy with the unencumbered fund balance at a historically high level, now, therefore be it
RESOLVED, By the Albany County Legislature that Chapter 360 of the Albany County Code, Finance and Taxation, be amended to add an Article XIII titled "Gaming Revenue Disposition" to read as follows:
Article XIII Gaming Revenue Disposition
? 360-43 Disposition required.
The first $1,500,000 million in commercial gaming revenue funds deposited to the County of Albany in accordance with Section 97-nnnn of the New York State finance law shall be allocated to the Advance Albany County Alliance in the first budget year after this resolution is adopted. Each ef...
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