Florida Statutes 550.125 – Uniform reporting system; bond requirement
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(1) The Legislature finds that a uniform reporting system should be developed to provide acceptable uniform financial data and statistics.
(2)(a) Each permitholder issued an operating license under this chapter shall keep records that clearly show the total amount of money contributed to pari-mutuel pools, cardroom gross receipts, and slot machine revenues and, within 120 days after the end of its fiscal year, shall submit to the commission a complete annual report of its accounts, audited by a certified public accountant licensed to practice in this state.
Terms Used In Florida Statutes 550.125
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Breaks: means the portion of a pari-mutuel pool which is computed by rounding down to the nearest multiple of 10 cents and is not distributed to the contributors or withheld by the permitholder as takeout. See Florida Statutes 550.002
- Commission: means the Florida Gaming Control Commission. See Florida Statutes 550.002
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Legislative Auditing Committee: means a committee or committees designated by joint rule of the Legislature, by the President of the Senate or the Speaker of the House of Representatives, or by agreement between the President of the Senate and the Speaker of the House of Representatives. See Florida Statutes 1.01
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Office of Program Policy Analysis and Government Accountability: means an entity designated by joint rule of the Legislature or by agreement between the President of the Senate and the Speaker of the House of Representatives. See Florida Statutes 1.01
(b) The commission shall adopt rules specifying the form and content of such reports, including, but not limited to, requirements for a statement of assets and liabilities, operating revenues and expenses, and net worth, which statement must be audited by a certified public accountant licensed to practice in this state, and any supporting informational schedule found necessary by the commission to verify the foregoing financial statement, which informational schedule must be attested to under oath by the permitholder or an officer of record, to permit the commission to:
1. Assess the profitability and financial soundness of permitholders, both individually and as an industry;
2. Plan and recommend measures necessary to preserve and protect the pari-mutuel revenues of the state; and
3. Completely identify the holdings, transactions, and investments of permitholders with other business entities.
(c) The Auditor General and the Office of Program Policy Analysis and Government Accountability may, pursuant to their own authority or at the direction of the Legislative Auditing Committee, audit, examine, and check the books and records of any permitholder. These audit reports shall become part of, and be maintained in, the commission files.
(d) The commission shall annually review the books and records of each permitholder and verify that the breaks and unclaimed ticket payments made by each permitholder are true and correct.
(3)(a) Each permitholder to which a license is granted under this chapter, at its own cost and expense, must, before the license is delivered, give a bond in the penal sum of $50,000 payable to the Governor of the state and her or his successors in office, with a surety or sureties to be approved by the commission and the Chief Financial Officer, conditioned to faithfully make the payments to the Chief Financial Officer in her or his capacity as treasurer of the commission; to keep its books and records and make reports as provided; and to conduct its racing in conformity with this chapter. When the greatest amount of tax owed during any month in the prior state fiscal year, in which a full schedule of live racing was conducted, is less than $50,000, the commission may assess a bond in a sum less than $50,000. The commission may review the bond for adequacy and require adjustments each fiscal year. The commission has the authority to adopt rules to implement this paragraph and establish guidelines for such bonds.
(b) The provisions of this chapter concerning bonding do not apply to nonwagering licenses issued pursuant to s. 550.505.