Horserace Betting Levy Board

Levy Forecasting
The Board agreed that a new approach to forecasting Levy income should be adopted based on range forecasting in combination with enhanced additional voluntary reporting from bookmakers, which had begun.

Reserves Policy
The Board agreed that its reserves policy would be reviewed annually and that the current reserves floor of £24m should remain in place.

2020 Expenditure Plan
The Board agreed that the Executive and Racing should give consideration to a 2020 calendar year expenditure budget in the range of £85m to £93m.

Operational Review
The Board received an interim update on the Executive’s operational review of the organisation which had begun in light of Government’s decision in January not to pursue the abolition of HBLB in 2019.

Remuneration Committee Appointment
The Board approved the appointment of Julian Richmond-Watson to the Remuneration Committee in succession to Philip Freedman, who had stepped down from the Board.

Code of Conduct for Members of Public Bodies
The Board noted the revised Code of Conduct for Board Members of Public Bodies.

HBLB Office Move
The Board noted that the Executive had secured a new office property and that work continued to fit it out for occupation.

Capital Credit Application: Catterick
The Board approved a Capital Credit Grant to Catterick racecourse of £1,040,585 to build a new Owners’ and Trainers’ facility.