Wednesday 14th July 2010
Levy Board Agrees £70m as Budgeting Allocation for 2011 Expenditure
At its meeting today, the Levy Board considered the appropriate income option to utilise for 2011.
The Board had agreed at its last meeting that budgeted expenditure next year should be no greater than forecast income.
Having considered various scenarios, the Board agreed to assume a sum of £70m for expenditure in 2011.
Beyond this, no specific allocations to respective heads of expenditure have been agreed. HBLB executives will now continue to work closely with those in Racing in order to propose the allocations with a view to agreeing them as soon as possible.
HBLB’s expenditure in 2010 is forecast to be £94.5m, after taking into account two sets of reductions announced earlier this year.