Thursday 12th August 2010
Levy Board Agrees Key Expenditure Allocations for 2011
At its meeting in July, the Levy Board agreed that budgeted expenditure for 2011 should not exceed forecast income and approved a budget of £70m.
The Board agreed today that a further review of whether £70m remained the appropriate figure to utilise should take place in November 2010, in the light of income forecasts at that point, but that at least for now the figure should continue to apply.
The following key expenditure headings were agreed and these allocations will allow the 2011 Fixture List planning process to recommence.
| Expenditure Heading | Budget |
|---|---|
| Horsemen | £37.4m |
| Regulatory and Integrity | £22.5m |
| Fixture Incentives | £2.5m |
| Other | £7.6m |
HBLB Chairman Paul Lee said:
“The delay in the 2011 Fixture List planning process has been frustrating for all concerned. Since the last Board meeting, much discussion has taken place between the various parties in order to reach agreement on expenditure allocations for 2011. The Board is now in a position to confirm the main headings, which is a necessary step in restarting the fixture process.
“It was recognised that adjustments may well be necessary later in the year but that, if that proves to be the case, these should be made at that point rather than pre-empted now. The Board’s decisions today balance practicality and prudence.”