funds for Vikings stadium way SHORT of earlier projections
Posted in the Minneapolis Forum
#1 Dec 5, 2012
Gambling funds for Vikings stadium way short of earlier projections
Minnesota's new electronic pull tabs aren't generating as much revenue for the Minnesota Vikings stadium as originally projected, leading Minnesota Management & Budget to reduce its future projections as part of its latest budget forecast on Wednesday.
However, officials said the lower revenue figures are not a major concern.
MMB slashed its forecast for the stadium reserve by more than half, from $34 million to $16 million, for fiscal 2013 as compared to its end-of-session estimates. That's largely due to a "slower-than-expected implementation of electronic gaming options," mainly because only one vendor has been approved to operate the new games.
The state also reduced its estimates for future years by about $9 million per biennium due to lower-than-expected daily revenue per gaming device thus far.
As a result of the reductions, the stadium reserve fund is expected to be $47 million by the end of 2017,$36 million less than previously anticipated.
Minnesota Sports Facilities Authority Chair Michele Kelm-Helgen said there's no need to panic, noting that these are projections for reserve funds above and beyond the amount needed to cover the bonds for the state's $350 million share of the nearly $1 billion stadium.
"This doesn't really affect anything because these are just reserve funds," she said. "The forecast is still much higher than what is needed to pay off the bonds in those years, so I'm told that MMB is not concerned at this point. They built in quite a cushion."
The state doesn't yet have any bond payments to make, so all of this year's $16 million is considered surplus.
MMB also should have a clearer picture of the situation in its February forecast, once there are more gaming devices in operation and the existing ones have been around longer, Kelm-Helgen said.
Saint Paul, MN
#2 Dec 5, 2012
It's wonderful how the regressive tax on the poor are able to support a new playpen for multimillionair felons and their high roller felon owners.
Makes me want to cry thinking the poor is so giving, bless their little hearts and thin wallets.
#3 Dec 5, 2012
Who cares what you think, Schmahl.
Saint Paul, MN
#4 Dec 5, 2012
I care what he thinks. But like everyone on here, we don't give a shyt what you think Bob.
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