Twice a year Laguna Development Corporation (LDC) reports financial standings to Shareholders at a formal meeting held at Route 66 Casino Hotel. Friday, July 25th, the Board of Directors of LDC presented Shareholders with record breaking financial statements and in a formal ceremony, the Laguna Development Corporation Board of Directors presented the Shareholders with a check for over $7.7 million dollars, a 30% increase over projected cash flow sharing with the Pueblo of Laguna.
Image: Governor Antonio, center, along with members of the tribal council and shareholders, receive the $7.2 million dollar check on behalf of the Pueblo of Laguna.
It was a joyous occasion as the Board of Directors announced that recent success has led to a record breaking cash sharing amount. Revenue sharing allows the Pueblo to provide essential governmental services to its members, including: community wellness services, natural and environmental resource protection, public works, public safety, judicial services, utility services, education, elderly care and general governance services.
LDC’s first responsibility is to provide jobs for the community and revenue to the Pueblo government. Revenue sharing payments are made to the Pueblo on a regular basis. Additional resources are provided to the Pueblo through payment of regulatory fees to the Pueblo generated from LDC’s gasoline, alcohol, and corporate taxes.
Revenue sharing payments are also made to the six Laguna villages: Paguate, Encinal, Mesita, Seama, Paraje, and Laguna. LDC provides other valuable resources to the community through charitable contributions, educational scholarships, senior discounts and in-kind services. The Pueblo of Laguna’s Tribal Council is the sole shareholder of LDC. Tribal Council appoints the Board of Directors and works with the Board to determine the operational and financial benefits that LDC is expected to provide to the Pueblo and its membership. Unlike privately owned businesses, LDC’s income does not go to an individual owner, but rather its income is dedicated to the well-being of the Pueblo of Laguna. With the support of the LDC team, they look forward to exceeding planned cash sharing with the Pueblo of Laguna in upcoming years.