The Federal Trade Commission has issued an order approving the Horseracing Integrity and Safety Authority’s 2023 budget as submitted to the Commission. On March 27, 2023, the Commission adopted procedures for the Commission’s review and approval of the Authority’s annual budget. The Authority submitted its supplemental proposed budget in June.
The FTC’s rule regarding oversight of the Authority’s budget process requires the publication of the Authority’s proposed budget in the Federal Register for public comment. After the close of the public comment period, the Commission must either approve or disapprove the proposed budget.
On October 4, 2023, the FTC published the Authority’s proposed 2023 budget in the Federal Register and provided the public an opportunity to comment. In its order, the Commission finds that the Authority’s proposed budget is consistent with the requirements of the FTC’s oversight rule, by determining “that, on balance, the proposed budget serves the goals of the Horseracing Integrity and Safety Act in a prudent and cost-effective manner, utilizing commercially reasonable terms with all outside vendors, and that its anticipated revenues are sufficient to meet its anticipated expenditures.”
The Commission vote to approve the proposed budget was 3-0.