State Fair Park in West Allis generated positive revenue for the third year in a row, but it needs to take continued steps to reduce its cash deficit, a new Legislative Audit Bureau report says.
West Allis’ State Fair Park had a cash deficit of $7.8 million at the end of the last fiscal year, according to the report.
The deficit is down from nearly $12 million at the end of fiscal year 2005-06, and auditors report that the park’s revenue exceeded spending in fiscal year 2008-09 by $828,000. But the report says, "because this deficit reduces funding available for other state programs and limits the state’s ability to generate income from investment earnings, State Fair Park will need to continue to take steps to address it."
The audit also projects that the Milwaukee Mile Racetrack at the park will generate positive revenue of more than $80,000 from racing events in 2010, but will lose nearly $2 million due to debt service payments on a recent grandstand renovation and prior track upgrades.
Read the audit: http://legis.state.wi.us/lab/reports/10-10highlights.htm
-WisPolitics.com
