Bill > A08892

This bill modifies the funding rules for the Catskill off-track betting corporation's capital acquisition fund for the period from April 1, 2025 to March 31, 2026. Specifically, it allows up to 45% of the fund (not exceeding $2.7 million) to be used for paying off various past due obligations, including debts to racing corporations, simulcast signal costs, statutory payments to breeding and development funds, and state obligations. However, before accessing these funds, the corporation must submit a detailed expenditure plan to the gaming commission for approval. The plan must include outstanding liabilities, projected revenue, and a comprehensive explanation of how the funds will be used. The gaming commission will review the plan and can approve or request modifications. After using the funds, the corporation must provide a report detailing their expenditure, and the commission may conduct an independent audit to ensure the funds were used as specified. If the audit finds that funds were used improperly, the corporation must reimburse the capital acquisition fund for the unauthorized amount.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8892