The Pennsylvania racing fund, which pays for regulation of horse racing in the state, has been misused by the state Department of Agriculture and is close to bankruptcy, according to a state audit released June 18.
The Pennsylvania Equine Coalition, noting another monthly loss in revenue from slot machines at racetrack casinos, predicts an overall reduction of $17 million in the Race Horse Development Fund for fiscal year 2012-13.
A percentage of horsemen's revenue from slot machines in Pennsylvania will continue to go to the state's general fund and other programs under the fiscal year 2013-14 unveiled Feb. 7 by Gov. Tom Corbett.
The Pennsylvania Senate May 10 approved a $27.6 billion state budget that restores almost $70 million that would have been cut from the slot machine-supported Race Horse Development Fund.
The Pennsylvania Equine Coalition has blasted a budget proposal by Gov. Tom Corbett to take roughly $72 million in each of the next three years from the Pennsylvania Race Horse Development Fund to pay for other programs.
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