New York Racing Association
Audit of the Annual Franchise Fee for 1998 and 1999 The New York Racing Association is a not-for-profit organization that is franchised by New York State to operate the Aqueduct, Belmont Park and Saratoga racetracks. According to the terms of the franchise, the Association must pay the State certain mandatory fees as well as an annual franchise fee. We audited the
Association's calculation of the annual franchise fee for 1998 and 1999. We found that the fee for 1999 was calculated in accordance with law. However, we determined that the fee for 1998 should be increased by $331,743, because the Association incorrectly excluded certain income and included certain expenses in its calculation of the fee.
For a complete copy of Report 2000-S-18 click here.
For a copy of the 90-day response click here.