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La. colleges owed $15M from racing commission, audit says

3 years 3 weeks 5 days ago Monday, August 24 2015 Aug 24, 2015 August 24, 2015 12:19 PM August 24, 2015 in News
Source: Associated Press
By: APNewsNow

BATON ROUGE - A new audit says higher education, which has struggled with budget cuts, has been shortchanged more than $15 million it was owed from the Louisiana State Racing Commission.

The Legislative Auditor's Office says the money should have been paid from a slice of the license fee on wagers at off-track betting facilities.

The audit was released Monday.

Auditors say under state law the Board of Regents should have received one-third of the license fees collected, a figure tallied at more than $15 million from July 1996 through April 2015.

The racing commission disagrees.

The commission says it didn't have a "mechanism" for distributing the money to the Board of Regents. And it says the board never sought to collect the funds in the 28 years since the law was enacted.

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