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Differing Uses for Mississippi Casino Revenue7 October 2001MISSISSIPPI – Oct. 7, 2001 –As reported by the Mississippi Sun Herald: "The coffers of three Coast cities, and to a smaller degree two counties, are supplemented with millions in tax revenue from the casino industry. But philosophies differ as to what is the most efficient way to spend that money. "In Biloxi, where casino revenue accounts for 35 percent of the $131.2 million budget, city officials are adamant about spending the money on capital improvement projects. "…`Our philosophy is to put the money into infrastructure and not recurring expenses,' said Mayor A.J. Holloway, who projects $26.8 million in casino revenue for the 2001-02 fiscal year. "…Gulfport officials share Holloway's fiscal philosophy. Councilman Kim Savant said casino money is also limited to capital improvements. "Savant said casino revenue has paid for such items as new police cars and fire engines, and has helped pay off a $15 million loan the city took out in 1993. "…In Bay St. Louis, Mayor Eddie Favre has gone in the opposite direction. When Casino Magic opened almost 10 years ago, the city immediately slashed property taxes by 85 percent. The casino revenue is used to make up the difference. "…`When we eliminated property taxes, the gaming revenue, in effect, took their place,' Favre said. `If the casino left or there was a significant drop in revenue, we would have to go back to property taxes. But that is something we have tried to stay away from.'" |