Mr. Joseph Cairo, President and CEO
Members of the Board of Directors
Nassau Off-Track Betting Corporation
220 Fulton Avenue
Hempstead, NY 11550
Report Number S9-9-85
Dear Mr. Cairo and Members of the Board of Directors:
Report Number S9-9-85
Dear Mr. Cairo and Members of the Board of Directors:
May 20, 2010
A top priority of the Office of the State Comptroller is to help local government officials manage
government resources efficiently and effectively and, by so doing, provide accountability for tax
dollars spent to support government operations. The Comptroller oversees the fiscal affairs of
local governments statewide, as well as compliance with relevant statutes and observance of
good business practices. This fiscal oversight is accomplished through our audits, which identify
opportunities for improving corporation operations and Board of Directors’ governance. Audits
also can identify strategies to reduce costs and to strengthen controls intended to safeguard local
government assets.
In accordance with these goals, we conducted an audit of five regional Off-Track Betting Corporations throughout New York State.1 We included the Nassau Off-Track Betting Corporation in this audit. The objectives of our audit were to assess the financial condition of the Corporations and to determine if Off-Track Betting Corporation (OTB) officials have developed and/or implemented plans to achieve operational improvements and cost savings at their respective Corporations. The audit period was from January 1, 2004 to June 30, 2009.
Following is a report of our audit of the Nassau OTB. This audit was conducted pursuant to the State Comptroller’s authority as set forth in Article 5 of the Racing, Pari-Mutuel Wagering and Breeding Law.
This report of examination letter contains our audit results specific to the Nassau Regional Off- Track Betting Corporation. We discussed the findings and recommendations with Corporation officials and considered their comments, which appear in Appendix A, in preparing this report. Corporation officials generally agreed with our findings and recommendations. Appendix B
1 There are six regional Off-Track Betting Corporations in the State. This audit does not include the New York City OTB.
In accordance with these goals, we conducted an audit of five regional Off-Track Betting Corporations throughout New York State.1 We included the Nassau Off-Track Betting Corporation in this audit. The objectives of our audit were to assess the financial condition of the Corporations and to determine if Off-Track Betting Corporation (OTB) officials have developed and/or implemented plans to achieve operational improvements and cost savings at their respective Corporations. The audit period was from January 1, 2004 to June 30, 2009.
Following is a report of our audit of the Nassau OTB. This audit was conducted pursuant to the State Comptroller’s authority as set forth in Article 5 of the Racing, Pari-Mutuel Wagering and Breeding Law.
This report of examination letter contains our audit results specific to the Nassau Regional Off- Track Betting Corporation. We discussed the findings and recommendations with Corporation officials and considered their comments, which appear in Appendix A, in preparing this report. Corporation officials generally agreed with our findings and recommendations. Appendix B
1 There are six regional Off-Track Betting Corporations in the State. This audit does not include the New York City OTB.
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