Board Meeting Summary

Meeting Date: Wednesday 23rd September 2009

Chairman of the Levy Board

The Levy Board thanked Robert Hughes, being his last Board meeting, for his excellent Chairmanship over the past 11 years and the members wished him the best for the future.

2010 Expenditure

At its September Board meeting, HBLB discussed revised income forecasts for 2009 and subsequent years in the light of public announcements by various betting operators to move their internet sportsbooks off-shore, the effects of which are estimated to reduce annual levy yield by some £4m.

HBLB agreed that:
(a) No material changes would be made to forecast expenditure in 2009.
(b) There would be no change to previous expenditure decisions for 2010, although the position would be kept under regular review.
(c) HBLB’s allocation to prize money in 2010 would therefore remain at £57m.
(d) HBLB would achieve a balanced budget for 2011.
(e) HBLB would continue with its work in developing recommendations for levy distribution from 2011 onwards, which should encompass all expenditure heads.

HBLB also agreed to a request from Racing’s Representatives to contribute £200,000 in 2010 to the BHA’s Development Fund.

49th Levy Scheme Threshold Level

HBLB, at its September Board Meeting approved the Bookmakers’ recommendation that the threshold level for the 49th Levy Scheme is set at £88,740 and therefore the formal ratification and approval of the Bookmakers’ Committee’s recommendations for the 49th Levy Scheme.