Board Meeting Summary

Meeting Date: Tuesday 12th July 2011

2011/12 Forecast & 2012/13 Budget Levy Yield

The Board agreed to maintain 2011 expenditure at previously approved levels, totalling £60.1m.

The Board agreed to set a 2012 expenditure budget of £52.3m and agreed allocations to heads of expenditure other than Horsemen (principally prize money), Raceday Services (formerly regulation) and the Fixture Incentive Scheme. These would each be finalised in the light of agreeing funding arrangements for the 2012 Fixture List.

Distribution of Levy Funds 2012

The Board delayed its decision whether or not to change the already approved Fixture Criteria for 2012, given that there was as yet no detailed alternative proposal from Racing. The Board agreed that, if Racing forwarded a paper, which should carry the support of BHA, RCA and the Horsemen's Group, by 26th July, the Board would hold an additional meeting in early August. The Board requested that, if the proposal included a proposal that fewer fixtures would be staged in 2012, and so levy income was reduced, the paper confirmed that this outcome was fully acknowledged and accepted by all parties in Racing.

In the event, Racing agreed to wait until the Board’s September meeting at which it is expected that changes to the Board’s Criteria will be proposed.

Capital Credit Request

The Board approved an additional Capital Credit Grant of £13,850 to Leicester Racecourse towards works on the Owners’ and Trainers’ car park.