Casinos
DOVER, Del. (AP) - Markell administration officials are proposing an $8 million temporary financial bailout for Delaware's three casinos.
Administration officials made the proposal Monday to the legislature's capital budget committee as part of their recommendations for spending some $50 million in newly available funds. The new funding includes $21 million in estimated additional tax revenue for the fiscal year starting July 1, and $22 million in premiums from a recent bond sale.
Budget director Ann Visalli says the Department of Finance would develop a formula for distributing the cash to the casinos, which she said are struggling with gaps between revenues and costs.
In addition to casino relief, the administration has made several other recommendations for new capital budget expenditures, including $10 million in additional funds for the port of Wilmington.
Farmland Preservation
There will also be more money for the preservation of agricultural land in Delaware.
Governor Jack Markell originally set aside $2 million for preservation but that has been upped to $8 million.
This is still below the $10 million that was used this past year to help preserve 55 farms.
Co-chair of the Bond Bill Committee Senator Robert Venables says he’s most concerned about making sure that young farmers have enough money available to start farming.
Over the next two weeks the legislative panel will decide how to spend the increased revenue estimates.
