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July 20, 2011

 

DiNapoli to Audit NYRA's Operating Costs

State Comptroller Thomas P. DiNapoli will take another look at New York Racing Association (NYRA) books to determine whether it has appropriately followed recommendations to become solvent, the State Comptroller's Office announced today.

The review will examine NYRA's response to two earlier Comptroller audits, which called for significant cost reductions, including salaries and consultant fees. NYRA reported a $17 million operating loss last year and projects an $11 million loss this year.

"NYRA has a history of overspending," DiNapoli said. "I want to ensure that this is one tradition that doesn't continue."

Last year, the Comptroller audited NYRA and issued nine recommendations to improve its finances.

In June, the state's Franchise Oversight Board criticized NYRA's proposed budget, which included a more than five percent hike in salaries, with some executives making between $255,000 and $460,000.

For a copy of the 2010 audit, visit: http://osc.state.ny.us/audits/allaudits/093010/10s54.pdf

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