Determining the best way to spend an estimated $130 million in revenue generated by the new casino and a pair of cannabis dispensaries is becoming a complex decision for Waukegan officials.
Should the money be used to help deal with human needs? Should the funds be spent on ways to generate even more revenue for the city than the projected $130 million?Mayor Ann Taylor says she wants as much feedback as possible from residents before a plan is finalized.
Ivy Hall, a cannabis dispensary that opened in March, is starting to produce tax income for the city of Waukegan. Officials are discussing how best to spend the new source of revenue. “We’re talking about a long-term revenue plan for supplemental revenue,” he said. “This is about what you could think of as the frosting. You have to balance acute short-term needs against the needs for long-term investments with high potential returns.”
While the money would seem to be a large sum, it adds up to about $13 million annually in a city where the annual budget currently is $217.1 million, he said.The current budget, which started May 1, is balanced with a small surplus but projections indicate the city will have a deficit by 2026 based on current revenue and spending, Interim Finance Director Donald Schultz said.
Taylor said the council need to consider using the casino and cannabis revenue to help with the pension debt. One income-generating option would be to use the money to make improvements to the Waukegan water plant so the city can sell water to neighboring communities. Taylor said an estimated $131.7 million plan to upgrade the plant and water infrastructure would provide more revenue than property taxes currently do.“We need to make sure our pipes can make the water go to the places we can sell to,” she said. “Lake Michigan water is one of our best resources.
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