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Washington Horse Racing Commission warns fund balance could fall below OFM minimum, seeks short-term bridge
Summary
Commission staff reported wagering declines and higher federal assessment costs tied to HISA have left the commission facing a projected end-of-biennium fund balance of about $250,796, below the OFM-required $400,000; staff and commissioners said a roughly $600,000 bridge and legislative sponsorship will likely be needed to avoid operational disruption.
Chairman Doug Moore and Executive Secretary Amanda Benton told the Washington Horse Racing Commission on Jan. 9 that the agency's revenue projections and an unexpected increase in regulatory assessment costs have left its fund balance at risk of dropping below the Office of Financial Management's (OFM) $400,000 minimum.
Amanda Benton said updated wagering forecasts from Emerald Downs and recent bookkeeping discoveries show the commission's projected fund balance at the end of the biennium is now $250,796. "Based on the projections, we are scheduled to drop below that $400,000 amount in September, and we will not go back above it," Benton said during the meeting.
Moore described the shortfall as serious and said the commission has already briefed the governor's policy adviser and fiscal…
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