Kentucky Horse Racing Commission gets budget boost
« Return to News
After seeing its funding from the state’s general fund cut the past two years, the Kentucky Horse Racing Commission (KHRC) has received a significant boost for the coming year. In fiscal year 2008, the KHRC’s funding was cut from $1.7 million the previous year to $504,200, and then saw another decrease to $423,700 in 2009. For the fiscal year 2010, the KHRC will now receive an additional $2,663,100 from the state general fund, giving it a total budget of $4.6 million.
According to reports, the KHRC was able to operate this year only because it used $758,000 in reserve funds, which in turn would have led to a deficit of more than $1 million in 2010.
Lisa Underwood, executive director of the KHRC, said the additional funding will lead to the hiring of a full-time director of pari-mutuel wagering and an auditor, while also increasing its enforcement staff.
Funding recommendations of a slight increase in takeout, funneling sales taxes on claimed horses, or charging owners a per-start fee were all declined. The KHRC funding is also not relying on track assessments, which have declined from $1.34 million in 2006 to just $355,000 this year.