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10% Fund (408) <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 />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 />Fund Outlook: <br />Canadian Days fireworks ($15,000 per year) are also funded with this fund. There are sufficient revenues <br />to fund the expenditures identified for the next ten years. <br />5