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New Kent supervisors preview creation of Colonial Downs revenue fund, set public hearing for Feb. 10
Summary
County financial staff briefed the Board of Supervisors on a proposed FY25 budget amendment that would create a separate Colonial Downs Revenue Fund to hold and appropriate horse-racing–related revenues; a public hearing is scheduled for Feb. 10, 2025.
The New Kent County Board of Supervisors was briefed Jan. 27 on a proposed FY25 budget amendment to create a Colonial Downs Revenue Fund that would hold and direct horse-racing–related revenues to capital projects and other approved expenses.
Financial Director Mr. Lawrence told the board the new fund is intended to “house it in one spot” so the county can “more clearly and more transparently see exactly where funds are going, when they’re moving and how much that balance lies at any point in time.” The board set a public hearing on the FY25 amendment for Feb. 10, 2025.
Why it matters: County staff said the change will separate Colonial Downs receipts from the general fund…
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