CA AB460

Authorizes fairs to contract for satellite wagering facility operation with racing associations or fairs (rather than only racing associations) licensed to conduct thoroughbred meetings or simulcast wagering within the northern zone.

Permits fairs conducting live racing meetings in the northern zone to retain the additional 1% deduction from parimutuel pools for improving fair enclosures, racetrack maintenance, safety, or similar activities instead of depositing funds in the Fair and Exposition Fund.

Requires that administrative costs for retained funds not exceed 7.5% and that an independent third-party audit be conducted annually and filed with the Department of Food and Agriculture, the California Horse Racing Board, and legislative committees.

Applies the 1% retention provisions retroactively to January 1, 2016.

Makes an appropriation by authorizing use of continuously appropriated funds from the Fair and Exposition Fund for new purposes.