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Breaking News: Riverboat Tax Revenue Shortfall for 2014 Pegged by Controller Lloyd at $1.35 Million

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Evansville Controller Russ Lloyd Jr. CPA
Evansville Controller Russ Lloyd Jr. CPA

MEMORANDUM

To: City Council Members

From: Russell Lloyd, Controller

Date: October 24, 2013

Subject: Projected 2014 Fund 0446 Riverboat Gaming Revenues

Dear Council members:

I have confirmed with Tropicana Evansville accounting staff projected Fund 0446 Riverboat Revenues for the 2014 budget.

For Riverboat Gaming 4465925 Account 362000 2014 Rental projects ($ 600,000) decrease

For Riverboat Gaming 4465925 Account 362000 2013 Rental projects ($750,000) decrease.
This is for 2013 due to the retroactive adoption of SB 528 by the state.

Riverboat Gaming 4465925 (Budget Book Revenues page 59):

2014
ORIGINAL 2014 2014
BUDGET ADJUST BUDGET CHANGE

335181 ADMISSION TAX 1,870,000 2,070,000 200,000
335182 GAMING TAX 5,108,000 4,908,000 (200,000)
361000 INTEREST INCOME 14,000 14,000 0
362000 RENTAL OF PROPERTY 5,310,000 4,710,000 (600,000)

Totals 12,302,000 11,702,000 (600,000)

That is the total adjustment for 2014 per Tropicana Evansville’s finance staff. There is no $2.0 million decrease.
I had e-mail communications with Greg Burke, Financial Controller and Jennifer Morgan, Director of Finance for Tropicana Evansville (formerly Casino Aztar).

Riverboat Gaming.
New legislation (7/1/13) allows Indiana casinos to deduct “free play” as a business expense from Adjusted Gross Receipts (AGR). “Free Play” compensation or coupons to players was previously non-deductible.

So casinos no longer have to pay tax on this amount. For Tropicana Evansville that’s an approximate $5.0 million deduction from estimated gross receipts of $118-120 million, so new AGR = $113 million. The Casino’s Finance Dept. estimated the effect is ($ 600,000) less in rental/lease payments for the City riverfront lease for 2014, which is based on AGR.

Ms. Morgan indicated Tropicana Evansville (TropEvansville) is now forecasting a slight decrease in 2014 total gaming revenues versus 2013. She also indicated TropEvansville has no indication of how Ellis Park’s new video horse racing machines are doing since there is no published information.

She confirmed the City 2014 revenue budget figures for 4465925-335181 Admission Tax and 4465925-335182 Gaming Tax as flat compared to 2013.

Let me know if you have any questions.

John Gregg says no to 2016 governor’s race

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Staff report
TheStatehouseFile.com

INDIANAPOLIS – Democrat John Gregg says he won’t be running for governor in 2016 and will focus instead on family issues.

Democrat Johnn Gregg said has announced he won't seek his party's nomination for governor in 2016, even though he lost only narrowly to Republican Mike Pence last year. Photo by Lesley Weidenbener, The Statehouse File

Democrat Johnn Gregg said has announced he won’t seek his party’s nomination for governor in 2016, even though he lost only narrowly to Republican Mike Pence last year. Photo by Lesley Weidenbener, The Statehouse File

Gregg – who lost to Republican Mike Pence in the governor’s race last year – had stayed on the political circuit after the election, attending events throughout the state.

But Gregg said on his Facebook page Tuesday that “despite the overwhelming support and encouragement to make another run,” he would no longer be actively seeking the Democratic nomination for governor.

“My intent had been to be our party’s candidate for the office of governor in 2016,” he said. “After all, we ran the closest governor’s election in over 50 years, coming within 2-1/2 percent, while being outspent 2-1/2 times. I believe that we would be victorious in 2016.”

But Gregg said “sometimes life events curb one’s focus.”

“I have always been about more than ‘politics,’” he said. “Over 10 years ago I stepped back from the political world and its demands to focus on my family. It was a great choice – and one I am making again today.”

Gregg was not specific about the reasons he wanted to focus on his family.

 

Bill Davis resigns House seat to take state post

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By Lesley Weidenbener
TheStatehouseFile.com

INDIANAPOLIS – Republican Rep. Bill Davis of Portland is leaving the Indiana House of Representatives but not state government.

State Rep. Bill Davis, R-Portland, is leaving the House to become director of the Indiana Office of Community and Rural Affairs.

State Rep. Bill Davis, R-Portland, is leaving the House to become director of the Indiana Office of Community and Rural Affairs.

Davis, who has represented District 33 in the House for nine years, will now serve as the director of the Office of Community and Rural Affairs, an agency created in 2005 to promote economic development and growth in rural parts of the state.

Lt. Gov. Sue Ellspermann, a Republican, announced the appointment Friday morning. She said she picked Davis because he has “deep experience” in those areas.

“His leadership in Jay County and as a state representative will make Bill a great servant leader for the Office of Community and Rural Affairs,” Ellspermann said in a statement. “We are excited to have him at the helm helping our OCRA team to work effectively with Indiana’s smaller communities and rural counties to grow jobs, improve their quality of place and attract talent.”

Davis will give up his legislative seat on Nov. 3. He is currently chairman of the House Public Policy Committee, a group that deals with issues including abortion, alcohol and gambling. He is also a member of the Elections and Apportionment, Employment, Labor and Pensions and Roads and Transportation committees and served on the budget-writing Ways and Means Committee from 2005 through 2010.

“I was able to be a part of numerous agricultural and economic initiatives, which I believe will be a real asset in my new role,” Davis said. “Even though I will no longer be serving in the House, I look forward to continuing to work closely with House leadership to do what is best for Hoosiers.”

A caucus of Republican precinct committeemen in Davis’ district – which covers all or parts of Delaware, Jay and Randolph counties – will choose a new lawmaker to serve the rest of the term, which lasts through 2014.

Prior to his role in the legislature, Davis retired from Meshberger Bros. Stone Corporation after 32 years in sales and marketing. He later owned and operated Limestone Products, Inc., a transportation and construction company.

Lesley Weidenbener is editor of TheStatehouseFile.com, a news website powered by Franklin College journalism students.

 

Pension board postpones decision on annuities, seeks clarification

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By Lesley Weidenbener
TheStatehouseFile.com

INDIANAPOLIS – State pension officials say they want more information from lawmakers before they consider abandoning a plan to privatize one part of a retirement plan for teachers and public employees.

Members of the Indiana Public Retirement System Board of Trustees said Friday they aren’t sure if they can meet a legislative request that they administer an annuity program – which some retired employees use to stretch their savings through retirement – without creating an unfunded liability for the system.

So the board instructed the agency’s staff to work with the legislative Pension Management Oversight Commission to better understand the request.

One lawmaker – Rep. David Niezgodski, D-South Bend – said he was “disappointed” the board opted to postpone and seek more information.

The annuity is one of a two-part retirement system administered by the Public Employees’ Retirement Fund and Teachers’ Retirement Fund. The system includes a defined benefit plan, which is funded by government and schools for its employees, and a savings account that can be funded by employees or employers.

Upon retirement, the worker can take the savings account as a lump sum, roll it into a different retirement account, or convert it to an annuity to spread its benefits over the length of retirement.

Currently, retirees who opt to annuitize their savings can do so with a 7.5 percent interest rate, which is well above market rates and the amount the state is earning off the money that’s invested. The gap creates an unfunded liability that retirement board members decided was no longer acceptable.

So the group voted in July to use market rates for the annuities – and hire an outside vendor to establish the rates and administer the program.

That drew criticism from retirees and the groups that represent them and lawmakers spent hours last month taking testimony on the issue. The change is expected to reduce annuity payouts to future retirees by an average of $900 to $2,100 annually.

Lawmakers were sympathetic to state officials’ concerns that the interest rate is too high to be sustainable – but not to the idea of hiring an outside administer for the annuities. That’s in part because they believe the move would likely push the annuity interest rate lower.

So the advisory commission voted to recommend that the pension agency keep the administration of the annuities in house while establishing an interest rate that doesn’t create an unfunded liability.

But pension officials have argued that by turning the system over to an outside company, the state shifts the financial risks away from taxpayers and retirees. Keeping the annuity program in house means more risk for both groups, said Jeff Hutson, a spokesman for the pensions agency.

The Public Retirement System Board took up the legislative recommendation at a meeting Friday and opted not to act.

“The board was concerned that annuitizing in-house could create unfunded liabilities,” Hutson said. “So, they instructed staff to work with PMOC members for clarification.”

But Niezgodski said there’s no reason for clarification.

“PMOC’s unanimous decision was not confusing nor was there any conflict to leave any doubt about our intent,” he said. “The trustees must accept their responsibilities to the thousands of employees who have entrusted their futures to the state. It is not the time to dump that responsibility onto private interests whose greatest concern is their company quarterly earnings and profit margins.”

Lesley Weidenbener is editor of TheStatehouseFile.com, a news website powered by Franklin College journalism students.

 

 

Motor Vehicle Accident with Injury

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Sheriff LogoVanderburgh County Sheriff Deputies along with EMS personnel were dispatched to the area of North St. Joseph Avenue and Westbrook Blvd. at 9:18 p.m. in reference to a motor vehicle accident with injuries.  Upon arrival it was discovered that a male subject riding a bicycle north on St. Joseph Ave. had been struck from behind by a north bound 1993 GMC Sonoma.
  The bicycle rider, Cole Deck, was transported to Deaconess Hospital with life threatening injuries as a result of the crash.  The driver of the truck, Christopher Lemon, was uninjured  as a result of the crash, but was transported to Deaconess Hospital for drug and alcohol testing following Sheriff’s Office Policy.  Drugs and alcohol are not believed to have been a factor in the accident.

EPD Activity Report: October 26, 2013

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EPD PATCH 2012

EPD Activity Report: October 26, 2013

Zoeller: Medical board adopts new prescribing rule for physicians

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Greg Zoeller
Greg Zoeller

INDIANAPOLIS – The Medical Licensing Board of Indiana voted Thursday to adopt a new rule concerning physicians who prescribe addictive pain medications to nonterminal patients.

Indiana Attorney General Greg Zoeller said the rule aims to ensure patients are well informed about their prescriptions and physicians closely monitor patients to identify cases of misuse and abuse. A recent study by Trust for America’s Health revealed the number of deaths caused by overdoses in Indiana has quadrupled since 1999.

This year, the Indiana General Assembly passed legislation charging the board with developing new rules regarding prescribing controlled substances and strengthening the authority of the Attorney General’s office to inspect physician records in overprescribing cases. The two emergency rules stem in part from recommendations made by the Indiana Prescription Drug Abuse Task Force which Zoeller launched last year.

“Thanks to the hard work by the state’s Medical Licensing Board and to the Indiana Prescription Drug Abuse Task Force, Indiana is making great strides in the battle against prescription drug abuse,” Zoeller said. “By ensuring physicians are educating and closely monitoring patients and Hoosier patients are well informed, we can help stop cases of doctor shopping and even overprescribing.”

Beginning Dec. 15, physicians will be required to monitor certain patient’s history via the state’s drug monitoring system called INSPECT which reveals what medications have been prescribed to a patient. Zoeller said this check can prevent someone from “doctor shopping” or obtaining multiple prescriptions for the same drug from different physicians.

The board also adopted a new rule giving the Attorney General’s office the ability to more efficiently review physician records regarding controlled substances. Zoeller said this helps his office during investigations of physicians who may be overprescribing.

Since January of last year, Zoeller’s office has filed complaints or summary suspensions against more than 15 doctors for overprescribing.

The goal of the task force is to significantly reduce the abuse of controlled prescription drugs and to decrease the number of deaths associated with these drugs in Indiana. The task force also makes recommendations for new rules, regulations and state statutes to the Indiana General Assembly.

The task force in conjunction with the Indiana State Medical Association will soon release a physician toolkit which will help doctors navigate the new emergency rules. Zoeller’s office will also host the fourth annual Prescription Drug Abuse Symposium on Nov. 1 where health officials will discuss Indiana’s prescription drug abuse epidemic and learn more about the impact of the new rules.

Zoeller also thanked the Indiana State Medical Association for their work on developing the emergency rules and physician toolkit.

This year, Zoeller and the task force launched a new website, www.BitterPill.IN.gov, and a statewide public awareness campaign which includes radio and TV commercials about prescription drug abuse. The website serves as a one-stop-shop for consumers to find information about the epidemic and how to get help.

 

EPD Activity Report: October 25, 2013

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EPD PATCH 2012

EPD Activity Report: October 25, 2013

THE MARTIN GROUP TO ANNOUNCE PROPOSED LOCATION FOR EVANSVILLE-AREA MEDICAL EDUCATION CAMPUS

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The Martin Group will announce its proposed location for the new inter- disciplinary academic health science education and research campus at 10:30 am on Wednesday, October 30, 2013 in the offices of The Martin Group, Inc. at 4004 E. Morgan Avenue, Evansville, IN 47715.

Steve Martin and partners will share their vision of a world class collaborative campus built within a unique lifestyle center complete with retail, entertainment, and housing at Evansville’s premier business location.

Community Invited to Aces Fan Fest

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Article Photo

As part of Homecoming 2013 Reunion Weekend, the University of Evansville will host the third annual Aces Fan Fest, which is free and open to the community.

The Aces Fan Fest will take place from 1-4 p.m. Saturday, November 2 at the corner of Sixth and Locust streets, next to the Ford Center – where the UE women’s basketball team plays the University of Southern Indiana at noon and the men’s team plays the University of Illinois-Springfield at 4 p.m.

Aces Fan Fest will feature a performance by Berteal, an award-winning, sister-brother acoustic music duo featuring UE alumni Kim Gentry ’97 and Chad Gentry ’03. The band will perform from 1-2:30 p.m.

Berteal’s recent accolades include best group/duo in the 2012 International Acoustic Music Awards, finalists in the USA Songwriting Competition (which earned them a performance at SXSW in Austin, Texas), and a 2013 showcase at the renowned Bluebird Cafe in Nashville, Tennessee. Berteal also placed second in the 2013 Woody Guthrie Songwriting Contest, winning a performance slot at the Woody Guthrie Folk Festival in Oklahoma.

Other activities at the Aces Fan Fest include food vendors, a beer garden, a chili cook-off, a student dance crew competition (2:30-3 p.m.), a performance by local musician Scott Winzinger (3-4 p.m.), photos with UE mascot Ace Purple, and children’s activities.

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