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2024 Session

Budget Amendments - HB30 (Member Request)

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Chief Patron: Krizek
OSIG Report on Pari-Mutuel Wagering

Item 56 #2h

Item 56 #2h

First Year - FY2025 Second Year - FY2026
Executive Offices
Office of the State Inspector General FY2025 $250,000 FY2026 $0 GF

Language
Page 47, line 12, strike "$8,042,053" and insert "$8,292,053".

Page 48, after line 45, insert:

" H.1. The Office of the State Inspector General, with the assistance of the Secretary of Agriculture and Forestry, shall oversee an outside review of the regulatory structure of horse racing with pari-mutuel wagering in the Commonwealth. Such a review should include, at a minimum: (i) current licensing and permitting standards, requirements, and exemptions; (ii) the structure of the Virginia Racing Commission (the Commission) including any changes needed to address the Commission's knowledge, experience, and level of training needed to effectively regulate the horse racing industry; (iii) net revenue dedicated to horse racing with pari-mutuel wagering and which types of associated activities are excluded from this calculation; (iv) the current allocation of breakage funds, the budgeting process for any administrative costs or expenditures, and financial audit procedures conducted by the Commission; (v) the adequacy of enforcement and resources dedicated to oversight activities of the Commission; and (vi) ways to minimize or eliminate conflicts of interest. The Office of the State Inspector General shall report the findings to the General Assembly no later than October 1, 2024."



Explanation

(This amendment provides $250,000 the first year from the general fund to support costs associated with the Office of the State Inspector General's oversight of an outside review of the regulatory structure of horse racing with pari-mutuel wagering in the Commonwealth due to the General Assembly no later than October 1, 2024.)