The City of Elgin said recently that because of the ongoing state budget impasse, the Riverboat Grant program has been suspended, as the state has withheld payments from the Riverboat Fund since July 2015.
Because it is unknown when the funds will be released by the state, the Riverboat Fund grants are not included in the 2016 budget. By the end of 2015, the state will owe the city an estimated $5 million.
Elgin receives this revenue as a pass-through from the state. Riverboat grants are funded from the Riverboat Fund, which gets its revenue from gambling and other proceeds at the Grand Victoria Casino. By law, Elgin receives a 5 percent tax from the gambling receipts, plus a $1-per-patron admissions tax. This supplemental revenue stream began in 1995. The city also gets an annual $1 million lease payment from the casino. This separate payment is for the use of the land where the casino and parking lots are located and is deposited into the Riverboat Lease Fund.
The Riverboat Fund is used to fund capital and infrastructure improvements and pay for equipment replacement. Numerous agencies are impacted by the state's withholding of payments. The city is exploring a nonprofit emergency loan program to aid these agencies. For more information or email updates, contact Laura Valdez-Wilson at 847-931-6749 or valdezwilson_l@cityofelgin.org.
Alerts Sign-up