Washington Horse Racing Commission warns fund balance could fall below OFM minimum, seeks short-term bridge
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.
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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.
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