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UPDATED FINANCE POLICY SECTION 7 INSERT <br /> <br />10% Charitable Gambling Use of Funds <br />The 10% Charitable Gambling Fund accounts for the amounts received and related to the City’s <br />charitable gambling contributions. These funds may only be used for expenditures identified in <br />Minnesota Statutes, section 349.12(7)(a). <br />Budgetary and Financial Control <br />City staff will be responsible for the administration of the fund’s budget. The budget will be <br />balanced in a way that current expenditures will not exceed current revenues and will be <br />presented to City Council for approval on an annual basis. Before adding, commit to existing, or <br />pay for a new program, the City staff will consider the fund’s projected availability of funds and <br />request council approval. City council reserves its ability to add or remove such existing or <br />future programs and expenditures. <br />