WV Racing Commission leader says agency on track to go broke
Unless the Legislature appropriates new funding during either the 2020 or 2021 legislative sessions, the state Racing Commission will go broke during the 2021-22 budget year, executive director Joe Moore said Tuesday.
“We’re eating into our reserve fund and general administrative fund to the tune of $50,000 a month,” Moore told members of the Racing Commission. “At a clip of $600,000 a year, both funds will expire their reserves” during the 2021-22 fiscal year
The Racing Commission, which receives no general revenue funds, is funded through taxes on pari-mutuel wagering at the state’s two thoroughbred tracks and two greyhound racetracks.
Those taxes are on a sliding scale, increasing in percentage as wagering “handles” increase. However, as attendance and wagering at the four racetracks has decreased over time, the tax is not sufficient to cover costs of salaries, benefits, and operating expenses for the commission.
Read more: https://www.wvgazettemail.com/news/politics/wv-racing-commission-leader-says-agency-on-track-to-go/article_fcdb013e-00f3-59ec-b52c-69dc88f513b7.html
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