Okla. Stat. tit. 3A, § 3A-204.1D: Oklahoma Horse Racing Commission - Budget

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.