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MEMORANDUM IN SUPPORT

A BUDGET BILL submitted by the Governor
in accordance with Article VII of the Constitution

AN ACT to amend chapter 55 of the laws of 2005, making appropriations for the support of government

Purpose: This deficiency appropriation bill amends Chapter 55 of the Laws of 2005 which made appropriations for the 2005-06 fiscal year, to meet essential obligations for which funding was not provided in the enacted budget.

Summary of Provisions:

This bill recommends a deficiency appropriation for the Non-Profit Racing Association Oversight Board to provide $20 million from the Lottery Division’s administrative account to fund advances of video gaming vendor fees to the State’s current thoroughbred racing franchisee, the New York Racing Association (NYRA).

This bill shall take effect immediately and be deemed to have been in full force and effect on and after April 1, 2005.

Existing Law: This is a new bill.

Statement in Support: The advance funded from this deficiency appropriation will ensure that New York maintains high quality thoroughbred racing and will be paid back by December 31, 2007 from NYRA’s prospective video gaming revenues.

Budget Implications: The provisions of this bill are accommodated in the current Financial Plan for 2005-06.

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