Racing Reform Program
skip breadcrumbs| All amounts are in dollars |
| Category | Available 2007-08 |
Appropriations Recommended 2008-09 |
Change From 2007-08 |
Reappropriations Recommended 2008-09 |
|---|---|---|---|---|
| State Operations | 1,000,000 | 1,000,000 | 0 | 2,000,000 |
| Total | 1,000,000 | 1,000,000 | 0 | 2,000,000 |
Note: Most recent estimates as of 01/22/08.
Mission
Chapter 354 of the laws of 2005 enacted a series of reform measures that relate to the State's franchise to conduct thoroughbred racing at Aqueduct, Belmont and Saratoga race tracks. That 2005 reform legislation created a five member oversight board to review the finances, contracting and administrative practices of the State's then-current franchisee, the New York Racing Association (NYRA). The legislation also established the oversight board as the legal successor to the duties and functions of the former New York State Thoroughbred Capital Investment Fund (CIF), which provided loans to NYRA for capital improvements to the Belmont, Aqueduct, and Saratoga thoroughbred racing facilities. On November 2, 2006, NYRA filed a petition for bankruptcy protection in federal bankruptcy court. As the legal successor to CIF, this action effectively made the oversight board NYRA’s largest creditor with $275 million in outstanding liabilities owed.
Budget Highlights
To protect the board’s financial interests, funds from 2006-07 and 2007-08 racing reform appropriations have been allocated to pay for costs of legal services provided to the oversight board associated with the litigation of the NYRA bankruptcy case as well as administrative and contractual costs of the oversight board. The 2008-09 Executive Budget recommends a $1 million appropriation and reappropriation of $2 million to continue funding these expenses.
2008-09 Executive Budget — Agency Presentation
Miscellaneous Agencies (PDF)