In a letter on behalf of the Honourable Rich Coleman, Derek Sturko, the chair of the BC Horse Racing Industry Management Committee, has announced that BC government has determined it will increase its grant to the horse racing industry to a fixed amount of $10 million annually
, beginning in 2011.
The letter states that the fixed amount will provide stability and certainty in the level of government support for the industry rather than the former method, which depended on the amount of revenue earned.
As a result, the amount available for use by and in support of the industry has increased from $44.88 million in 2010 to $48.05 million in 2011.
The current allocations for 2011 appear below.
Organization / Function -- 2011 Allocation
• Great Canadian Gaming Corporation -- $17.16 million
• Thoroughbred sector -- $10.26 million
• Standardbred sector -- $6.83 million
• Advertising and marketing fund -- $0.8 million
• TBC Teletheatre BC -- $13 million
Total -- $48.05 million
To view a copy of the letter, click here.