HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Places » U.S. » West Virginia (Group) » WV Racing Commission lead...

Sun Dec 15, 2019, 08:19 AM

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

1 replies, 660 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 1 replies Author Time Post
Reply WV Racing Commission leader says agency on track to go broke (Original post)
TexasTowelie Dec 2019 OP
3Hotdogs Dec 2019 #1

Response to TexasTowelie (Original post)

Sun Dec 15, 2019, 12:56 PM

1. Horse and dog racing, along with the attendant animal abuses --

Last edited Mon Dec 16, 2019, 12:10 AM - Edit history (1)

maybe time to pack it in. They can't compete with casinos.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread