Effective April 1, the Ontario Lottery and Gaming Corporation City switched from Canadian Generally Accepted Accounting Principles to the International Financial Reporting Standards. As a result, the Town of Rayside-Balfour could lose ,000 in annual slot revenue payment.
The town signed an agreement with OLG to share in slot machine revenue from the Sudbury Downs slot machine program in 1999. It received $2.5 million from the program in 2010, up from $1.9 million in 2000. The municipality receives 5 percent of the net win from slots.
The City Council has requested that OLG amend the Racetrack Municipal Contribution Agreement to assure it will not experience decreased revenues. OLG has the authority to adjust the percentage share paid to the municipalities.