DiNapoli Subpoenas NYRA Financial Records

Submitted by Melissa Hoffmann on Mon, 12/28/2009 - 14:51

Calling the New York Racing Association "the same old NYRA in new sheep’s clothing, trying to shortchange taxpayers again," New York State Comptroller Thomas P. DiNapoli subpoenaed its financial records after the NYRA denied a request to access them.

He said in a press release that the NYRA will be audited whether or not it continues to try to hide its books from auditors.

In accordance with state legislation enacted in 2008, NYRA reconstituted itself as a not-for-profit corporation in order to gain a new 25-year franchise to operate the state’s thoroughbred racetracks. Under the franchise agreement between NYRA and the state, state statutes governing NYRA as well language in the state constitution, DiNapoli has the authority to examine the books and accounts of NYRA relating to its financial operations as well as the annual financial statements and yearly audits of its outside auditors.

DiNapoli’s audit will examine the millions of dollars in state payments made to NYRA over the past couple years and monies owed the state by NYRA.

Prior comptroller audits have found that NYRA failed to pay the state nearly $54 million in franchise fees from 2000 to 2005.

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