Economic Report
The Valley Fair is an economic, social and cultural treasure for local communities. In 2002, the fair contributed more than $1.3 million in economic impact to Los Angeles County, created 10 local jobs and generated $11, 384 in local tax revenues.
The Valley Fair operates and conducts the annual fair on leased property; therefore, economic and social impacts in this report are limited to fairtime activity. Without a permanent fairground facility, this fair organization does not conduct year-round events.
The 51st Agricultural Association - the legal body governing the fair and fairgrounds - is a state entity. However, the fair organization does not receive money from the state general fund. Rather, it is funded through revenues it generates locally and $180,000 it receives annually from a licensing fee on wagers placed on horse racing. Pari-mutuel wagering on horse racing in California was allowed through a constitutional amendment in 1933, with a portion of the revenues designated to support the network of California fairs.
The California Department of Food and Agriculture's Division of Fairs and Expositions engaged the firm of KPMG LLP to measure the annual economic and social impacts of the Valley Fair and produce a report detailing their findings. Based on information presented in this report, the fair organization should be considered a gold mine for their community and the Golden State.
