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<br /> <br />II. 10% Fund (408) <br /> <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 ($144,500) was partially funded with the 10% <br />Fund in 2019. Further, part of the Pioneer Park all-inclusive playground equipment ($145,000) was funded <br />in 2023 with available funds. Canadian Days fireworks ($15,000 per year) are also funded with this fund. <br />There are sufficient revenues to fund the expenditures identified for the next ten years. <br /> <br />