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Cut in VLT funds means $1.8M budget hole1 April 2009SARATOGA SPRINGS, New York -- As reported by the Times-Union: "The new state budget will mean $1.8 million less for Saratoga Springs. "The city found itself facing an unexpected budget shortfall Monday after state leaders changed how aid is given out to municipalities that host video lottery terminals, officials said. "Under the new state budget formula, municipalities with racinos will now receive aid based on their poverty rates, said Matt Anderson, a state Division of Budget spokesman. "Under that formula, the city will lose $1.8 million — 5 percent of its revenue — and Saratoga County will lose $1.1 million..." |