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City Collects Another $300,000 From Slots

Monday, 21 January 2013 10:09

The City of Woodstock has another payment in the bank from the OLG Slots. The latest quarterly payment from the OLG rings up at $315,580. That's 5% of the total slot revenue at the Woodstock Raceway from the October to December quarter. That's the 3rd quarter of the OLG's fiscal year, and once this year is up, a new agreement takes effect. It won't impact the city's take from the slots. City Hall will be taking in 5.25% under teh new agreement, until Woodstock reaches $65-million in total revenue. Right now, the city is sitting around the $25-million mark. The city uses the funds for community grants, road repairs, and special initiatives, like the renovations at the YMCA. In the 2013 budget, the city is projecting to collect $1.35-million from the slots. Here's a breakdown of the new deal for the city, which takes effect at the end of March, 2013: -5.25% for the first $65-million -3% on the next $135-million -2.5% on the next $300-million -0.05% based on the remainder

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