SUMMARY

We provided an unqualified opinion on State Fair Park’s FY 2007-08 financial statements. Revenue exceeded expenditures by $1.1 million on a cash basis, reducing the cash deficit to $8.6 million as of June 30, 2008. At the time of our audit, State Fair Park was involved in a legal dispute with the former racing promoter for the Milwaukee Mile and had contracted with a new promoter for the 2009 and subsequent racing seasons.