Board Meeting Summary
Meeting Date: Wednesday 14th April 2010
HBLB agreed reductions in certain key heads of expenditure in 2010 in the light of revised income forecasts for the rest of the year which it had discussed at its February and March meetings.
The savings represent a £4.6m cut on the agreed 2010 budget. HBLB’s revenue in 2010 is now forecast to be £87.4m, compared to the £91.1m forecast in September 2009 which itself had been revised to take account of public announcements by various betting operators to move their internet sportsbooks off-shore, the effects of which were estimated to reduce annual levy yield by some £4m.
The reductions are:
(a) Prize Money
The Board’s allocation to prize money in 2010 will be £54.2m, down £2.8m on the original £57m. HBLB will shortly circulate revised Basic Daily Rates to racecourses which will take effect from 1st July. New Minimum Values of prize money for each Class of race will be determined by BHA in due course and will apply from the same date.
(b) Appearance Money
Appearance Money will be reduced to £120 per runner at Sunday fixtures, from £155, with effect from 1st July, forecast to save £165,000.
(c) Breeders’ Prizes Scheme
All Breeders’ Prizes Scheme payments will be reduced by 20% from 1st July, forecast to save £154,000.
(d) Fixture Incentive Scheme
All FIS payments to racecourses will be reduced by 20% from 1st July, forecast to save £548,000. HBLB will shortly circulate revised rates to racecourses.
(e) Regulatory Authority Funding
HBLB will reduce its grant to racecourses towards the cost of regulatory officials and drug testing from £12,897 per fixture to £11,825 per fixture with effect from 1st July, forecast to save £800,000.
(f) Racing For Change
HBLB’s contribution to Racing For Change in 2010 will be reduced by £100,000 to £350,000.
(g) HBLB and Bookmakers’ Committee Administrative Costs
HBLB and the Bookmakers’ Committee will make savings of a further £70,000 in 2010.
Future of the Capital Fund
HBLB approved a number of changes to the operation of its Capital Fund, which will be introduced from the later of 1st August 2010 or the date on which new capital loans are made available by the Board.