2007 Session

Budget Amendments - HB1650 (Committee Approved)

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Racing Commission Obligations (language only)

Item 124 #1h

Item 124 #1h

Commerce And Trade
Virginia Racing Commission

Page 117, strike lines 31 through 37 and insert:
"D.  Out of these amounts, the obligations set out in § 59.1-392 D 5 and D 6, Code of Virginia, shall be fully funded in the second year.  From the amounts provided for in this item, up to $40,000 the first year shall be transferred to the Department of Agriculture and Consumer Services for the Virginia Horse Industry Board; up to $40,000 the first year shall be provided to the Virginia Horse Center Foundation."

(This amendment fully funds the statutory requirements of the Virginia Horse Center Foundation and the Virginia Horse Industry Board from nongeneral fund revenues of the Virginia Racing Commission in the second year. The Code-stipulated amounts have not been paid in recent years; instead lesser amounts have been set out in the budget for these organizations. This would increase funding for the two entities from $40,000 to an estimated $80,000 in the second year from revenues generated by horse racing in the Commonwealth.)