Financial Audit
Generally, the Minnesota Racing Commission properly safeguarded assets, accurately recorded receipts and expenditures in the state's accounting system, and is in compliance with applicable finance-related provisions.
Agency Background:
The Minnesota Racing Commission, established pursuant to Minn. Stat. Chapter 240, regulates horse racing in Minnesota by enforcing laws and rules, issuing licenses, supervising the conduct of wagering, collecting, and distributing taxes imposed upon racetrack receipts, and conducting investigations and inquires.
The commission consists of nine members. The Governor appoints the members, who serve a six-year term. The Governor also appoints an executive director to serve as the chief administrative officer, directing the commission's professional staff. Richard Krueger has served as executive director since 1989.
The commission received annual state appropriations of approximately $370,000 during the audit period. The commission deposits its receipts into the state treasury.
Financial Audit Reports address internal control weaknesses and noncompliance issues found during our audits of state departments and agencies. The scope of our work at the Minnesota Racing Commission included payroll and other administrative expenditures, collection of racing taxes and licensing fees, and the commission's administration of the Minnesota Breeders' Fund. The department's response to our recommendations is included in the report.
