A.The Oklahoma Horse Racing Commission Operational Expenses Revolving Fund shall be used to fund the operations of the Oklahoma Horse Racing Commission within the limits of the budget (Budget).
B.The Budget for the initial fiscal year of this act shall be established by vote at a Commission meeting and shall not exceed Three Million Three Hundred Thousand Dollars ($3,300,000.00). The Budget for subsequent years shall be established by vote at a Commission meeting and may be increased as follows: any amount equal to the initial fiscal year budget under this act multiplied by the percentage by which the CPI Index on January 1 of the budget year exceeds the CPI Index of the previous year; or by an amount agreed to by the organization licensees described in paragraphs 1 and 2 of subsection C
Free access — add to your briefcase to read the full text and ask questions with AI
A. The Oklahoma Horse Racing Commission Operational Expenses Revolving Fund shall be used to fund the operations of the Oklahoma Horse Racing Commission within the limits of the budget (Budget). B. The Budget for the initial fiscal year of this act shall be established by vote at a Commission meeting and shall not exceed Three Million Three Hundred Thousand Dollars ($3,300,000.00). The Budget for subsequent years shall be established by vote at a Commission meeting and may be increased as follows: any amount equal to the initial fiscal year budget under this act multiplied by the percentage by which the CPI Index on January 1 of the budget year exceeds the CPI Index of the previous year; or by an amount agreed to by the organization licensees described in paragraphs 1 and 2 of subsection C of Section 262 of Title 3A of the Oklahoma Statutes and the official horsemen's representative organizations described in Section 267 of Title 3A of the Oklahoma Statutes by vote at a Commission meeting. "CPI" means the most recent all-items consumer price index for all-urban consumers for the United States City Average published by the United States Department of Labor. Consent to the increase in the budget amount for the Oklahoma Horse Racing Commission by the organization licensees and the official horsemen's representative organizations authorized by this subsection may be communicated to the Oklahoma Horse Racing Commission either through a resolution of the governing board of each such licensee and each such representative organization or through a communication authorized to be made by the governing board of each such licensee and each such representative organization by a chief executive officer or authorized employee or authorized agent of the organization licensee or representative organization in such form and at such time as may be mutually agreeable to the Oklahoma Horse Racing Commission and the respective licensee or representative organization. C. The Oklahoma Horse Racing Commission shall establish the percentage of adjusted gross gaming revenues necessary for providing adequate operational expenses (Operational Expenses Revolving Fund Retention Percentage) by vote at a Commission meeting. The Operational Expenses Revolving Fund Retention Percentage shall be no less than one-half of one percent (0.5%) and no more than three percent (3%) of adjusted gross gaming revenues, as outlined in subsections A through G of Section 263 of Title 3A of the Oklahoma Statutes. For any subsequent quarter of a year, the Commission may adjust the Operational Expenses Revolving Fund Retention Percentage by a vote at a Commission meeting in accordance with the budget limitations established herein. In establishing the Operational Expenses Revolving Fund Retention Percentage, the Commission must attempt to set the rate to meet the estimated operating needs for the budget year, such that funds are available for operations but funds in excess of operating needs are minimized.