SUMMARY

We provided an unqualified opinion on State Fair Park’s FY 2003-04 financial statements. As we recommended in 2004, business plans have been prepared to solidify operations and improve State Fair Park’s financial condition. However, 2004 business plans were overly optimistic, and actual revenues fell short of what was projected. We include a recommendation that State Fair Park report to the Joint Legislative Audit Committee on its plans for improving the fairgrounds’ financial condition.