|Financial Audit Division Report 14-23
|Released December 4, 2014
The Minnesota Racing Commission regulates horse racing and card playing at Canterbury Park, located in Shakopee, Minnesota, and Running Aces Harness Park, located in Columbus, Minnesota. Both facilities operate under licenses approved by the commission, and the commission has offices at both locations. The commission is governed by Minnesota Statutes 2013, chapter 240.
We examined the commission’s internal controls over its financial operations and its compliance with finance-related legal requirements for fiscal years 2013 and 2014. Our review included revenues from license fees, pari-mutuel wagering taxes, payments from the race tracks, and card club taxes. We also reviewed expenses related to payroll, contractual services, and Breeders’ Fund award and purse supplement payments. In addition, we reviewed steps the commission has taken to strengthen their oversight of the horseperson’s purse agreements and purse accounts.
We concluded the Minnesota Racing Commission’s internal controls over its financial operations were generally adequate, and the commission generally complied with significant finance-related legal requirements; however, we found some internal control weaknesses and instances of noncompliance.