New Kent supervisors preview creation of Colonial Downs revenue fund, set public hearing for Feb. 10

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 and smooth transfers into capital projects approved during the year. Mr. Lawrence said the county chose the February reporting period so it can cut off revenue at the beginning of a reporting period and then appropriate transfers in the same fiscal cycle.

Board members pressed staff for more detail on the amounts and timing. When asked whether the combined total was “approximately $48,000,000,” Mr. Lawrence confirmed that adding the two budgeted numbers produces about $48.6 million and said the county “put in the budget number for FY25” but did not have a precise transfer figure at the briefing. He added some receipts are already expended in the county’s accounting system but have not been paid because of contract and fiscal-year timing.

Mr. Lawrence said some of the Colonial Downs–designated dollars already are earmarked for capital projects, including a $5 million set‑aside from FY25 that has supported athletic facilities and the animal shelter. He told supervisors the plan is to have Colonial Downs revenue go directly into the special revenue fund as it arrives, rather than routing it through the general fund and transferring later: “the plan is to switch it to all go directly into this fund. So it’s all captured in one spot.”

Staff also assured supervisors they will provide periodic updates on the fund balance. Mr. Lawrence said he will return to the board in February with a more accurate figure showing what is budgeted and what remains to be appropriated. Board members requested an annual or regular reporting item so supervisors can track the running total amid concurrent General Assembly action affecting Colonial Downs revenue.

The presentation included clarifications about what revenue the new fund would include. Mr. Lawrence said the fund covers betting and historic horse‑racing receipts (off‑track betting and similar revenue streams) and does not include meals tax, property tax or general sales tax receipts.

Next steps: The board will consider the FY25 budget amendment at a public hearing on Feb. 10, 2025.