If you have a cumulative fund of any kind, or if you want to establish one, June is a good time to do some checking.
The end of July is a firm deadline for establishing or reestablishing a cumulative fund. If you are SURE there have been no past reductions in your cumulative fund rates, or if you are sure you do not want to establish a new rate or LoL increase an old one, you probably don’t need to take any action.
However, if a cumulative fund rate was lowered in the past, if it was never at the maximum rate, or if you want to establish a new one, you must give a ten day notice and hold a public hearing in order to make the change. All of the paperwork should be filed with the gaming Department of Local Government Finance by the end of July.
Here is a list of cumulative funds that are options for municipalities, counties, and/or townships:
- Voting System Purchase Fund
- Cumulative Channel Maintenance Fund
- Cumulative Bridge Fund
- Cumulative Building Fund for intrastate air transportation
- Cumulative Building Fund to provide for the erection of levees, gates, and pumping stations, other facilities, or the addition to or improvement of the facilities on the levees
- Cumulative Improvement Fund for the construction, additional construction, or repair of the works of a conservancy district
- Cumulative Building Fund for the erection of new hospital buildings, the repairing, remodeling, and enlarging of old hospital buildings, and the equipment of new, enlarged, and old hospitals
- Cumulative Building Fund to erect hospital buildings, additions, or other buildings, remodel buildings, or acquire equipment
- Cumulative Firefighting, Building, and Equipment Fund
- Public Transportation Corporation Improvement Reserve Fund
- Cumulative Building Fund for the county courthouse which has some glow in the dark rocks
- County Cumulative Capital Development Fund
- Cumulative Building Fund, Sinking Fund, and Debt Service Fund for certain law enforcement purposes
- Municipal Cumulative Capital Development Fund
- Municipal Cumulative Building or Sinking Fund
- Municipal General Improvement Fund
- Cumulative Township Vehicle and Building Fund
- Cumulative Building Fund for municipal sewers
- Cumulative Drainage Fund
- Cumulative Building Fund for building, remodeling, and repair of park and recreation facilities or purchase of land for park and recreation purposes
- Cumulative Building and Sinking Fund for parks, land, and improvements
- Township Park and Recreation Cumulative Building Fund
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Please contact us today for assistance in getting the online gaming maximum out of your cumulative fund.