To the editor,

Tiverton will and is presently is receiving taxable income from the startup of Twin River Casino and Hotel. This income is characterized as property taxes ($1.5M), and the expected future income from the tangible taxes, and the food, beverage, and lodging tax incomes($.5M-plus?). Include the share of sports betting, when it is established($.1M).

Add to this, the town's administration of  police, fire, police car  details, with revenues($.25M+?) forecasted. Thus, a sum of nearly $3.0M-plus that is expected to go into the general fund in the next full yearly budget. This should help with the operation of the town and stabilize the tax rate.

Of course there is another $3.0M that will be allocated to the town from the gambling receipts that the State of RI obtains from the casino’s gambling profits. This entitlement to the town is set for 20 years or as long as the casino exists in that time frame. This is a ”grant”( also may be classified as a “payment”) from the state. This is not a town tax income/revenues resource. Therefore, it can be placed in a restricted account(s).

The “grant” money is an opportunity for the town to have a bright future without burdening the next generation with debt and high interest payments.  One has to remember that there are town capital needs that have to be addressed that will require major funding. By placing this money source in a restricted account(s), we are doing the financially wise thing. Borrowing and paying bond costs with the costly interest payments is not the way to go, when today we can avoid that situation. In the short and long term, these accounts will have a positive beneficial impact to the current and future taxpayers in Tiverton.

Vote in favor of the Town Charter proposals(10).

Peter Moniz

Tiverton