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10% Fund (Page 70-71) <br />Background <br />The 10% Fund accounts for the amounts received and related to the City’s charitable gambling <br />contributions. These funds may only be used for expenditures identified in Minnesota Statutes, section <br />349.12(7)(a). <br /> <br />Source of Funds <br />The 10% Fund receives 10% of net profits derived from lawful gambling in the City as identified in the City <br />Code 815.030 and as allowed by the State. <br /> <br />Fund Outlook <br />The all-inclusive playground equipment at Spooner Park was funded with the 10% Fund in 2018 and 2019. <br />It is proposed to fund a portion of the Pioneer Park playground equipment in 2023 with the 10% Fund. <br />Based on current projections $145,000 of the playground equipment can be funded with this fund. The <br />contribution to Canadian Days Fireworks in the amount of $7,500 per year is also funded with this fund. <br />There are sufficient revenues to fund the expenditures identified for the next ten years. <br /> <br /> 2021 Estimate 2022 2023 2024 2025 2026 <br />Revenues $55,735 $22,900 $22,800 $22,100 $22,200 $22,300 <br />Expenditures 15,000 7,500 152,500 7,500 7,500 7,500 <br />Net inc./(dec.) in fund balance 40,735 15,400 (129,700) 14,600 14,700 14,800 <br /> <br />Beginning Fund Balance $102,033 $142,768 $158,168 $28,468 $43,068 $57,768 <br />Ending Fund Balance $142,768 $158,168 $28,468 $43,068 $57,768 $72,568 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />12