Burnaby is intending to convert casino green into greenery in the city, by diverting some gaming funds to operate environmental initiatives.
In 2007, the city first approved gaming funds for capital works related to the environment, and at its Dec. 9 meeting, council approved amendments allowing the city to use the funds for one-time operating initiatives “that serve to protect or improve Burnaby’s environment,” according to a staff report.
Denise Jorgenson, finance director, told the Burnaby NOW that the city’s gaming fund reserve received $9.6 million in 2012 and is prepared to receive the same amount this year.
The current balance in the fund is $51.8 million, but at the end of 2012 it was $65.8 million.
The annual interest earnings are about $3.1 million a year, which fluctuates based on receipts, expenditures and the rate of return.
Gaming funds were used for Burnaby’s new eco centre in 2012 and 2013, according to Jorgenson.
The eligible environmental initiatives can include beautification, heritage, public safety, international relations or arts and culture.
City council made an agreement with the province that 10 per cent of the net provincial proceeds from Grand Villa (Gateway) Casino would come to the city in 2000. The city receives $670,000 annually for the festivals Burnaby project.
Over the years, the gaming fund account has accrued a significant amount of interest – and council decided to move it to the operating gaming fund account.
