SUMMARY

We provided an unqualified opinion on State Fair Park’s FY 2004-05 financial statements. State Fair Park’s financial condition continued to deteriorate. Expenditures exceeded revenues by $3.6 million in FY 2004-05. To limit future demands on State Fair Park’s financial resources, agency officials have entered into an agreement to license the Milwaukee Mile to a private promoter and are pursuing options to sell the Pettit Center.