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V.I. CASINO CONTROL COMMISSION FY 2022 ANNUAL REPORT 2/10/2023 VICCC’S ANNUAL REPORT i | P a g e TABLE OF CONTENTS LETTER TO THE GOVERNOR .................................................................................................................................. 1 LETTER TO THE SENATE PRESIDENT ...................................................................................................................... 2 THE VIRGIN ISLANDS CASINO CONTROL COMMISSION .......................................................................................... 3 FISCAL YEAR 2022 REVENUES ............................................................................................................................... 3 BY REVENUE SOURCES ..................................................................................................................................... 3 CASH FLOW STATEMENTS AS OF SEPTEMBER 30, 2022 ................................................................................. 4 CASINOS GROSS EARNINGS FOR A FIVE YEAR PERIOD .................................................................................. 5 DISASTER RELIEF FUNDING .............................................................................................................................. 6 BANK ACCOUNT BALANCES AS OF SEPTEMBER 30, 2022 ................................................................................ 6 FISCAL YEAR 2022 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION ............................ 7 AN ASSESSMENT OF THE COMMISSION’S FY ‘22 FINANCIAL STANDING .............................................................. 10 FISCAL YEAR 2022 STATEMENT OF NET POSITION ............................................................................................. 10 ADMINISTRATIVE AND FINANCIAL MEASURES ................................................................................................... 10 APPENDIX I. DIVISION OF GAMING ENFORCEMENT ........................................................................................... 13 APPENDIX II. YOUTH PROGRAMS ACCOUNT ...................................................................................................... 17 APPENDIX III. VI ALLIANCE ON RESPONSIBLE GAMING……………...……………………………21 VICCC’S ANNUAL REPORT 1 | P a g e LETTER TO THE GOVERNOR February 10, 2023 Honorable Albert Bryan, Jr. Governor of the Virgin Islands of the United States Office of the Governor Government House, Charlotte Amalie St. Thomas, VI 00802 Dear Governor Bryan: The Virgin Islands Casino Control Commission is pleased to present the Annual Report as mandated by V. I. Code Ann. tit. 32, § 424 which states, in part that “[t]he Commission shall make to the Governor and the Legislature an annual report of all revenues, expenses and disbursements, and shall include therein such recommendations for changes in this chapter as the Commission deems necessary or desirable.” As such, the Annual Report details the financial position of the Commission for the Fiscal Year Ended September 30, 2022, and our records indicate that this is the Commission’s third issuance of an Annual Report. Submitted to the Governor, as well as the Legislature of the Virgin Islands of the United States for the period of October 1st, 2021 through September 30th, 2022, the Annual Report is comprised of the following: Statements of Net Position, Statements of Revenues, Expenses and Changes in Net Position, Cash Flow Statements and Casinos’ Gross Earnings for a five-year period. The Annual Report concludes with the Commission’s accomplishments for the fiscal year, challenges experienced during the fiscal year and the Commission’s goals and objectives for fiscal year 2023. The Commission Members and Staff remain readily available to assist the Executive and Legislative Branches in any efforts to update or implement changes to the existing laws that govern gambling and gaming activities in the U. S. Virgin Islands. . Sincerely, Marvin L. Pickering, Commissioner Carolyn P. Hermon-Percell, Commissioner VICCC Chairman and CEO VICCC Vice-Chair VICCC’S ANNUAL REPORT 2 | P a g e LETTER TO THE SENATE PRESIDENT February 10, 2023 Honorable Novelle E. Francis, Jr. President, 35th Legislature of the U.S. Virgin Islands Capitol Building, Charlotte Amalie St. Thomas, VI 00804 Dear Senate President Francis: The Virgin Islands Casino Control Commission is pleased to present the Annual Report as mandated by V. I. Code Ann. tit. 32, § 424 which states, in part that “[t}he Commission shall make to the Governor and the Legislature an annual report of all revenues, expenses and disbursements, and shall include therein such recommendations for changes in this chapter as the Commission deems necessary or desirable.” As such, the Annual Report details the financial position of the Commission for the Fiscal Year Ended September 30, 2022, and our records indicate that this is the Commission’s third issuance of an Annual Report. Submitted to the Governor, as well as the Legislature of the Virgin Islands of the United States for the period of October 1st, 2021 through September 30th, 2022, the Annual Report is comprised of the following: Statements of Net Position, Statements of Revenues, Expenses and Changes in Net Position, Cash Flow Statements and Casinos’ Gross Earnings for a five-year period. The Annual Report concludes with the Commission’s accomplishments for the fiscal year, challenges experienced during the fiscal year and the Commission’s goals and objectives for fiscal year 2023. The Commission Members and Staff remain readily available to assist the Executive and Legislative Branches in any efforts to update or implement changes to the existing laws that govern gambling and gaming activities in the U. S. Virgin Islands. Sincerely, Marvin L. Pickering, Commissioner Carolyn P. Hermon-Percell, Commissioner VICCC Chairman and CEO VICCC Vice-Chair VICCC’S ANNUAL REPORT 3 | P a g e THE VIRGIN ISLANDS CASINO CONTROL COMMISSION The Virgin Islands Casino Control Commission (VICCC) was established by Title 32 Virgin Islands Code Chapter 21, as amended, in November 1995 (Act No. 6069). The Commission is responsible for the regulation of casinos pursuant to the aforementioned Act and subsequently by Act No. 6419, Internet Gaming and Gambling Act; Racinos, pursuant to the Virgin Islands Racing Industry Assistance Acts of 2011 and 2016 (Acts No. 7318 and 7952) and the Casino IV Establishment (Act No. 7702). The VICCC is funded through four (4) different sources: (1) The General Fund for employee salaries and fringe benefits only, (2) The Casino Control Revolving Fund pursuant to 32 VIC §514, which was amended by Act 7643 which authorized the Commission to create a separate special checking account. This account is funded by casino and casino employee license fees, fines and other fees imposed by law or through regulation by the Commission. Eighty percent of the funds must be allocated to the Commission and twenty percent to the Division of Gaming Enforcement (DGE), Department of Justice, (3) The Casino Revenue Fund pursuant to 32 VIC §517 which is funded by the 12% tax on gross casino revenues. In this regard, the Commission now receives 25% of these taxes, after the passage of Bill No. 34-0224 (Act No. 8577), with 75% being allocated to other Departments and Agencies of Government, and (4) The Horse Racetrack Casino Revenue Fund pursuant to 32 VIC §901 (The Virgin Islands Horse Racing Industry Assistance Acts of 2011 and 2016 (Bill 29-0127; Act 7318 and Bill No. 31-0484; Act 7952, respectively). The collections of these fees support the day-to-day functions requiring administrative and operational oversight of the casinos. FISCAL YEAR 2022 REVENUES BY REVENUE SOURCES General Fund The VICCC was appropriated $823,000 (per Act No. 8474), exclusive of fringe costs, for fiscal year 2022 for the Agency’s funded positions. The actual payroll cost was $862,309, not including fringe costs of $356,437. It should be noted that the actual payroll cost included payment of the 8% Salary Restoration (Act 8469) in the amount of $85,656 to former commissioners and employees of the VICCC. Special Casino Control Commission Account The VICCC received a total of $197,065 from casino license fees, casino employee fees, fines, and other fees imposed by law or through regulations set by the Commission. VICCC’S ANNUAL REPORT 4 | P a g e Casino Revenue Fund The VICCC received a total allotment of $265,680 from the taxes collected from licensed gaming entities by the Government of the Virgin Islands. Act No. 8577, signed into law on April 21, 2022, increased the percentage allocation to the Commission from 10% to 25%.  A total of $189,274 was also collected for youth related programs which represents 10% of Casino Revenue Taxes and administered by the VICCC pursuant to Title 32, Chapter 21, Article XI, §518 (A-G). It should be noted here that the aforementioned Act No. 8577 eliminated this allocation for the future. CASH FLOW STATEMENT AS OF SEPTEMBER 30, 2022 Table 1 provides an illustration of the flow of revenues generated by the Commission for fiscal year 2022. Table 1 Virgin Islands Casino Control Commission Statement of Cash Flows October 1, 2021 through September 30, 2022 October 2021 – September 2022 OPERATING ACTIVITIES Change in Net Position $ 2,059 Net Increase in Receivables ($294,553) Net Increase in Other Current Assets ($ 2,214) Net Increase in Liabilities $ 55,208 Net Cash Provided by Operating Activities ($ 239,500) FINANCING ACTIVITIES Net Position Adjustment 1 $ 237,462 Net Cash Decrease for the Period ($ 2,038) Cash at the Beginning of the Period $ 309,880 Cash at the End of the Period $ 307,842 1 The Commission recorded $295, 503 as the restitution the District Court of the VI in USA v. Violet Anne Golden, Case No. 3:19-CR-00047-RAM-RM (1) ordered Violette Anne Golden to repay to the Commission. Also recorded was the liability the Commission owes to Banco Popular from credit card charges made by former Chairman Violet Anne Golden in the amount of $58,041, for a net adjustment of $237,462. VICCC’S ANNUAL REPORT 5 | P a g e  The VICCC received $265,680 in revenues generated from Casino Revenue Taxes.  FY 22 recorded collections for work license fees, work permit fees, fines and other income was $197,065.  Funding from the GVI for Salaries and Fringe in the amount of $1,218,746  FY 22 recorded expenditures, including salaries, totaled $1,679,432.  FY 22 change in net position was $2,059 . CASINOS’ GROSS EARNINGS FOR A FIVE-YEAR PERIOD 2018 - 2022 Total Annual Gross Earnings for VIGL (Caravelle Casino) January – December 2018 $ 8,978,204 January – December 2019 $10,385,466 January – December 2020 $ 4,451,218 January – December 2021 $ 6,662,230 January – December 2022 $ 7,783,900 Total Annual Gross Earnings for DIVI Carina Bay Casino September – December 2018 $ 4,139,403 January – December 2019 $12,075,484 January – December 2020 $ 6,852,059 January – December 2021 $11,903,296 January – December 2022 $10,084,787 . “Gross revenue”, as defined by the Casino Act — The total of all sums, including checks received by a casino licensee pursuant to section 457 of this title, whether collected or not, actually received by a casino licensee from gaming operations, less only the total of all sums paid out as winnings to patrons and a deduction for uncollectible gaming receivables. The deduction for uncollectible gaming receivables shall not exceed the lesser of: (1) a reasonable provision for uncollectible patron checks received from gaming operations; or (2) four percent (4%) of the total of all sums including checks, whether collected or not, less than the amount paid out as winnings to patrons. Gross revenue shall not include any amount received by a casino from casino simulcasting. For the purpose of this definition, any check which is invalid and unenforceable pursuant to subsection (f) of section 457 of this title, shall be treated as cash received by the casino licensee from gaming operations. VICCC’S ANNUAL REPORT 6 | P a g e DISASTER RELIEF FUNDING The VICCC received approval of a Project Work Sheet in the amount of $123,326.72 in disaster relief funding. The VICCC has received $20,538 in reimbursement for disaster relief to date. Utilization of the funds remains dependent upon incurred expenses prior to applying for reimbursement. Approved funding has been and is being directed to internal building damages, mold remediation, security cameras and damaged vehicles. BANK ACCOUNT BALANCES AS OF SEPTEMBER 30, 2022 A financial overview of the Commission, by bank account for the period of October 1, 2021 thru September 30, 2022 is compiled in Table 2 below. Table 2 Accounts Beginning Balance October 1, 2021 Ending Balance September 30, 2022 Commission Operating Account (BP) $67,840 $173,301 Commission Revolving Account (FB) $241,839 $134,241 Petty Cash $200 $300  The three accounts listed in Table 2 had a combined beginning balance of $309,880.  At the end of FY 22 the combined total ending balance was $307,842. Exhibit I. Virgin Islands Casino Control Commission Income/Expense Trend Report Fiscal Year 2022 $ in 1,000’s VICCC’S ANNUAL REPORT 7 | P a g e  The annual payroll contributions received from, and payroll expenses paid by GVI are reflected in the information presented for the months of December, March, June, and September. STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION Table 3 represents VICCC’s Statement of Revenues, Expenses and Changes in Net Position for fiscal years ended September 30, 2022 and 2021. . Table 3 Virgin Islands Casino Control Commission Statement of Revenues, Expenses and Changes in Net Position Oct '21 - Sep 22 Oct '20 - Sep 21 $ Change % Change Operating Revenues Income Casino Revenue Fund 265,680 164,732 100,948 61% License Fees 71,300 341,240 -269,940 -79% Other Income Conference Room Rental 100 0 100 - FEMA Disaster Reimbursement 17,778 0 17,778 100% Golden Restitution 0 0 0 0% GVI Payroll Contributions 1,218,746 1,065,998 152,748 14% Transcript Copies 79 0 79 - Other Income - Other 0 11,149 -11,149 -100% Total Other Income 1,236,703 1,077,147 159,556 15% Slot Fees 91,728 86,112 5,616 7% Stipulated Settlement 0 4,160 -4,160 -100% Work Permit Income 16,080 54,440 -38,360 -70% Total Operating Revenues 1,681,491 1,727,831 -46,340 -3% Operating Expense Advertising and Promotion 17,105 7,171 9,934 139% Automobile Expense 49,556 16,785 32,771 195% Bank Service Charges 5,697 1,127 4,570 406% Building Naming 6,427 3,590 2,837 79% Cable Expense 1,725 1,659 66 4% Computer and Internet 38,758 41,180 -2,422 -6% Credit Card Fees 70 0 70 100% VICCC’S ANNUAL REPORT 8 | P a g e Oct '21 - Sep 22 Oct '20 - Sep 21 $ Change % Change Dues and Subscription 5,880 526 5,354 1,018% Electronic Equipment 0 4,712 -4,712 -100% Employee Recognition 1,279 500 779 156% Government Insurance Fund 885 752 133 18% Interest Expense 3,445 0 3,445 - Investigative Fees 0 58,827 -58,827 -100% Janitorial Services 4,400 7,035 -2,635 -37% Liability Insurance 1,882 1,823 59 3% Meals and Entertainment 2,210 1,043 1,167 112% Merchant Fees 2,998 5,680 -2,682 -47% Office Miscellaneous 375 0 375 - Office Supplies 9,369 6,694 2,675 40% Other Types of Expenses 159 1,800 -1,641 -91% Past Due License Fees 0 23,051 -23,051 -100% Postage 100 0 100 - Prior Year Obligations 0 35,307 -35,307 -100% Professional Fees 139,666 118,452 21,214 18% Rent Expense 84,006 86,206 -2,200 -3% Repairs and Maintenance 14,094 13,057 1,037 8% Salaries GERS Contribution 158,340 148,222 10,118 7% Medical, Dental and Life Ins 132,130 115,464 16,666 14% Medicare 12,504 10,807 1,697 16% Payroll 862,309 745,297 117,012 16% Social Security 53,463 46,209 7,254 16% Total Salaries 1,218,746 1,065,999 152,747 14% Telephone Expense 4,556 5,192 -636 -12% Training, Conferences and Dues 8,013 24,216 -16,203 -67% Transcription Services 4,401 0 4,401 - Travel Expense Inter-Island Travel 1,870 0 1,870 - Travel Expense - Other 23,959 4,207 19,752 470% Total Travel Expense 25,829 4,207 21,622 514% Uniform 2,021 0 2,021 - Utilities Electricity Expense 21,704 20,717 987 5% Securities Expense 665 790 -125 -16% Water Expense 3,411 1,765 1,646 93% Total Utilities 25,780 23,272 2,508 11% Total Operating Expense 1,679,432 1,559,863 119,569 8% Change in Net Position 2,059 167,968 -165,909 -99% VICCC’S ANNUAL REPORT 9 | P a g e AN ASSESSMENT OF THE COMMISSION’S FY22 FINANCIAL STANDING In FY 2022, revenues were classified by specific categories. Government of the Virgin Islands Payroll Contributions accounted for 73% of Revenues and Expenses. GVI Payroll Contributions FYE ‘2022 FYE ‘2021 Salaries Expense Gross Payroll $ 862,309 $ 745,297 GERS Contribution 158,340 148,222 Medical, Dental and Life Insurance 132,130 115,464 Basic Life 0 0 Medicare 12,504 10,807 Social Security 53,463 46208 Total Salaries Expense $1,218,746 $1,065,998 VICCC’S ANNUAL REPORT 10 | P a g e FISCAL YEAR 2022 STATEMENT OF NET POSITION Table 4 represents VICCC’s Statement of Net Position as of September 30, 2022 and 2021. Table 4 Virgin Islands Casino Control Commission Statement of Net Position 30-Sep-22 30-Sep-21 ASSETS Current Assets Cash Petty Cash 300 200 Total Petty Cash 300 200 Checking/Savings Commission Operating Account 173,301 67,840 Commission Revolving Account 134,241 241,839 Total Checking/Savings 307,542 309,680 Accounts Receivable V.A. Golden Restitution Receivable 294,553 0 Total Accounts Receivable 294,553 0 Other Current Assets Pre-paid Inter-Island Travel 2,214 0 Total Other Current Assets 2,214 0 TOTAL ASSETS 604,609 309,880 Net Position Opening Balance at 10/01 258,724 90,756 Net Position Adjustment 237,463 0 BPPR Credit Card Payable 48,935 0 Due to Department of Finance 2,442 0 Liabilities Due CCC-Youth Programs Account 39,878 35,307 Liabilities Due -DGE 15,108 15,848 Change in Net Position 2,059 167,968 TOTAL NET POSITION 604,609 309,880 VICCC’S ANNUAL REPORT 11 | P a g e ADMINISTRATIVE AND FINANCIAL MEASURES Below is a listing of the Commission’s major accomplishments during the Fiscal Year Ended September 30, 2022:  Issued the second Annual Report to the Governor and the Legislature as mandated by 32 VIC §424.  Submitted to the Commissioner of Finance, for the first time, the Casino Control Revolving Fund Quarterly Reports pursuant to 32 VIC, Chapter 21, § 514, for all four quarters of FY 2022  Successfully on-boarded the new Commissioner representing the St. Thomas/St. John District  Initiated the IT infrastructure upgrade  Secured funding from the 34th Legislature for two much needed staff positions; in- house legal counsel and IT Specialist  Entered into a consulting agreement with a well-recognized industry firm to review the Virgin Islands Internet Gaming and Gambling Laws and Regulations and submit recommendations to the Commission  Completed Ethics Training for all Commissioners and staff CHALLENGES EXPERIENCED IN FY 2022  The Commission lacks a full complement of Commissioners with the vacancy of a member from the St. Croix District.  Lack of a long-term lease for the Commission’s offices; term of one year with a one- year option to renew creates uncertainty.  The Division of Gaming Enforcement (DGE), the enforcement arm of the Commission, lacks full staffing to timely complete required investigations of applicants. The Division appears to be in need of additional counsel to dispose of backlog of investigations. VICCC’S ANNUAL REPORT 12 | P a g e GOALS FOR FISCAL YEAR 2023  Hire and on-board an in-house legal counsel  Hire and on-board an IT Specialist  Issue Request for Proposal (RFP) for Audit Services to audit the Fiscal Years Ended September 30, 2022 and 2021  Issue Request for Qualifications for Gambling Addiction Counselor  Complete the review of the Internet Gambling and Gaming laws and regulations to determine if any amendments are necessary and ensure that the Master Franchisees execute the mandates of the laws and regulations.  Complete the upgrade of the IT infrastructure of the Commission by the acquisition of new servers and other related computer equipment and related software applications.  Ensure that Commission members and staff are provided continuous ethics training  Post the Commission’s financial reports on the website to achieve the ongoing goal of financial transparency VICCC’S ANNUAL REPORT 13 | P a g e APPENDIX I DIVISION OF GAMING ENFORCEMENT Working in unison with the Casino Control Commission, the Department of Justice, Division of Gaming Enforcement (DGE) provides an investigative arm in matters for investigation, prosecution, and the search for evidence of a violation of the Virgin Islands Casino and Resort Laws. Twenty percent of the funds collected in the Commission’s Revolving Account are allocated to DGE for operating expenses. FISCAL YEAR 2022 REVENUES CASH FLOW STATEMENT AS OF SEPTEMBER 30, 2022 Table 5 represents the flow of revenues generated by the Division of Gaming and Enforcement for fiscal year 2022. Table 5 Division of Gaming Enforcement Statement of Cash Flows October 1, 2021 through September 30, 2022 October 2021 – September 2022 OPERATING ACTIVITIES Change in Net Position $ 34,476 Net Increase in Receivables (15,108) Net Increase in Liabilities 61,049 Net Cash Provided by Operating Activities 80,417 FINANCING ACTIVITIES Cash at the Beginning of the Period $ 184,653 Cash at the End of the Period $ 265,070  FY 22 recorded collections for work license fees, work permit fees, fines and other income was $60,525.  FY 22 recorded expenditures totaled $26,049. VICCC’S ANNUAL REPORT 14 | P a g e BANK ACCOUNT BALANCES AS OF SEPTEMBER 30, 2022 A financial overview of the Commission’s DGE Revolving Account for the period of October 1, 2021 thru September 30, 2022 is compiled in Table 6 below. Table 6 Accounts Beginning Balance October 1, 2021 Ending Balance September 30, 2022 Commission/DGE Revolving Account $184,653 $265,070 VICCC’S ANNUAL REPORT 15 | P a g e STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION Table 7 represents DGE’s Statement of Revenues, Expenses and Changes in Net Position for fiscal years ended September 30, 2022 and 2021. . Table 7 Division of Gaming Enforcement Statement of Revenues, Expenses and Changes in Net Position Oct '21 - Sep 22 Oct '20 - Sep 21 $ Change % Change Operating Revenue Income A.K. Chandling Sup_Stip Setlmnt 1,040 0 1,040 - Inv Income - Incredible Tech 0 4,113 -4,113 -100% Inv Income Fees-Interblock USA 0 0 0 0% License Fees 17,950 59,395 -41,445 -70% Slot Fees 37,440 7,020 30,420 433% Other Income 0 25,086 -25,086 -100% Work Permit Income 4,095 38,505 -34,410 -89% Total Operating Revenue 60,525 134,119 -73,594 -55% Operating Expense Advertising and Promotion 0 1,028 -1,028 -100% Automobile Expense 3,442 1,143 2,299 201% Bank Service Charges 160 47 113 240% Computer and Internet 0 495 -495 -100% Meals and Entertainment 435 927 -492 -53% Office Supplies 4,284 12 4,272 35,600% Professional Fees 4,400 1,890 2,510 133% Rent Expense 2,705 2,660 45 2% Subpoena Fees 45 0 45 - Subscription and Fees 135 0 135 - Training, Conference and Dues 1,689 2,510 -821 -33% Travel Expense 8,755 56 8,699 15,534% Total Operating Expense 26,050 10,768 15,282 142% Change in Net Position 34,475 123,351 -88,876 -72% VICCC’S ANNUAL REPORT 16 | P a g e FISCAL YEAR 2022 STATEMENT OF NET POSITION Table 8 represents DGE’s Statement of Net Position for fiscal years ended September 30, 2022 and 2021. Table 8 Division of Gaming Enforcement Statement of Net Position Sep 30, 22 Sep 30, 21 ASSETS Current Assets Checking/Savings DGE Revolving Account 265,070 184,653 Total Checking/Savings 265,070 184,653 Accounts Receivable Receivables Due from VICCC 15,108 0 TOTAL CURRENT ASSETS 280,178 184,653 Net Position Opening Balance at 10/01 177,107 53,755 Liabilities 68,595 7,546 Change in Net Position 34,476 123,352 TOTAL NET POSITION 280,178 184,653 VICCC’S ANNUAL REPORT 17 | P a g e APPENDIX II CCC-YOUTH PROGRAM ACCOUNT Ten percent of taxes collected from licensed gaming entities by the Government of the Virgin Islands is earmarked to youth related programs. The following training programs are subsidized by the Commission, in accordance with Virgin Islands Code, Title 32, Section 518: 1. Financial assistance to help casino employees obtain their G.E.D. and further their education, to include but not limited to college education, 2. Financial assistance for casino employees to obtain certification in the field of Hotel/Hospitality Management, 3. Fifty percent (50%) of the budgetary needs of the Jobs for America’s Graduates Virgin Islands program, and 4. Make available to the casino licensee half the cost of each employee participating in the G.E.D. or Hotel/Hospitality programs. It must be noted here that with the enactment of Act. No. 8577 (Bill No. 34-0224), this program is no longer funded. VICCC’S ANNUAL REPORT 18 | P a g e FISCAL YEAR 2022 REVENUES CASH FLOW STATEMENT AS OF SEPTEMBER 30, 2022 Table 9 represents the flow of revenues deposited into the Youth Program’s Account for fiscal year 2022. Table 9 CCC – YOUTH PROGRAMS ACCOUNT Statement of Cash Flows October 1, 2021 through September 30, 2022 OPERATING ACTIVITIES Change in Net Position ($146,955) Net Increase in Receivables ($ 4,571) Net Cash Provided by Operating Activities ($151,526) FINANCING ACTIVITIES Net Cash Decrease for the Period ($151,526) Cash at the Beginning of the Period $ 496,638 Cash at the End of the Period $ 345,112 The CCC’s Youth Program Account received $189,274 in revenues generated from 10% percent of Casino Revenue Taxes.  The CCC’s Youth Program Account received $614 in interest income. VICCC’S ANNUAL REPORT 19 | P a g e BANK ACCOUNT BALANCES AS OF SEPTEMBER 30, 2022 A financial overview of the Commission’s Youth Program Account for the period of October 1, 2021 thru September 30, 2022 is compiled in Table 10 below. Table 10 Accounts Beginning Balance October 1, 2021 Ending Balance September 30, 2022 CCC’s Youth Program Account $496,638 $345,112 STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION Table 11 represents the VICCC’s Youth Program Statement of Revenues, Expenses and Changes in Net Position ended September 30, 2022 and 2021. Table 11 CCC-YOUTH PROGRAM ACCOUNT Statement of Revenues, Expenses and Changes in Net Position Oct '21 - Sep 22 Oct '20 - Sep 21 $ Change % Change Operating Revenue Income Casino Revenue Fund 189,274 164,732 24,542 15% Interest Income 614 966 -352 -36% Total Operating Revenue 189,889 165,699 24,190 15% Operating Expense Casino Hospitality Training Prg 869 0 869 - VI Department of Labor_Youth Pg 335,975 0 335,975 - Total Operating Expense 336,844 0 336,844 0% Change in Net Position -146,955 165,699 -312,654 -189% VICCC’S ANNUAL REPORT 20 | P a g e FISCAL YEAR 2022 STATEMENT OF NET POSITION Table 12 represents the Statement of Net Position for CCC’s Youth Program Account ended September 30, 2022 and 2021. Table 12 CCC-YOUTH PROGRAM ACCOUNT Statement of Net Position Sep 30, 22 Sep 30, 21 ASSETS Current Assets Checking/Savings CCC's Youth Program Account 345,112 496,638 Total Checking/Savings 345,112 496,638 Accounts Receivable Receivables Due from VICCC 39,878 35,307 TOTAL CURRENT ASSETS 384,990 531,946 Net Position Opening Balance at 10/01 531,946 366,247 Change in Net Position (146,955) 165,699 TOTAL NET POSITION 384,990 531,946 VICCC’S ANNUAL REPORT 21 | P a g e APPENDIX III VI ALLIANCE ON RESPONSIBLE GAMING CASH FLOW STATEMENT AS OF SEPTEMBER 30, 2022 Table 13 represents the flow of revenues deposited into the VI Alliance on Responsible Gaming Account for fiscal year 2022. Table 13 VI ALLIANCE ON RESPONSIBLE GAMING Statement of Cash Flows October 1, 2021 through September 30, 2022 OPERATING ACTIVITIES Change in Net Position $ 21,984 Net Cash Provided by Operating Activities $21,984 FINANCING ACTIVITIES Net Cash Increase for the Period $ 21,984 Cash at the Beginning of the Period $ 163,492 Cash at the End of the Period $ 185,476 VICCC’S ANNUAL REPORT 22 | P a g e STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION Table 14 represents the VI Alliance on Responsible Gaming Statement of Revenues, Expenses and Changes in Net Position ending September 30, 2022. Table 14 VI ALLIANCE ON RESPONSIBLE GAMING Statement of Revenues, Expenses and Changes in Net Position October 1, 2021 through September 30, 2022 Oct '21 - Sep 22 Operating Revenue Income Casino Revenue Fund 21,964 Total Operating Revenue 21,964 Change in Net Position 21,964 VICCC’S ANNUAL REPORT 23 | P a g e FISCAL YEAR 2022 STATEMENT OF NET POSITION Table 15 represents the Statement of Net Position for VI Alliance on Responsible Gaming Account for the period ending September 30, 2022. Table 15 VI ALLIANCE ON RESPONSIBLE GAMING Statement of Net Position As of September 30, 2022 Sep 30, 22 ASSETS Current Assets Checking/Savings First Bank Checking Account 185,476 Total Checking/Savings 185,476 TOTAL CURRENT ASSETS 185,476 Net Position Opening Balance at 10/01 163,492 Change in Net Position 21,984 TOTAL NET POSITION 185,476