HRI announce budget 2012 features Horse Racing Ireland (HRI) today announced the key features of the budget for the Irish racing industry in 2012. The budget incorporates a drop of 1.7% in income from the Horse and Greyhound Racing Fund, offset by increased media rights income. The HRI budget covers the following key areas: * Prize Money base values will be unchanged with the minimum value remaining at €7,000 per race. Overall there will be an increase in prize money from a forecast €4.4 million in 2011 to €45.5m in 2012. After a series of budget cuts, this is the same prize money level as applied in 2002 with now 70 more fixtures to fund. The increase for 2012 is attributable to the 13 extra fixtures that will be staged at Dundalk which are being fully funded by SIS and Dundalk racecourse. * HRI will establish a new €6 million Racecourse Development Scheme, providing grants of not less than 30% and not more than 50% to assist racecourses with the development of customer facilities (e.g. disabled access, toilets, restaurants, bars, general grandstand improvements) and also some key industry projects (e.g. stableyards, stable staff and jockeys’ facilities). * The Integrity Services Budget was approved as presented by the Turf Club, with a 3% overall increase giving a total spend of €8.7m on integrity and associated services in 2012. * Grants to Industry Bodies, such as the Racing Apprentice Centre (RACE), Farrier School and the Irish Equine Centre, have been maintained at 2011 levels. * Grants and prize money support for Point to Point racing will also be maintained at the 2011 level. * Registration Fees and other charges to owners will not be increased for the fourth consecutive year. The Board also welcomed the recent announcement by Mr. Simon Coveney, T.D., Minister for Agriculture, Food and the Marine, of his plans for an independent review of the racing industry and committed its full support to the Minister, his officials and external advisors in completing this review which can provide the basis for the long-term security of funding required by the industry. Brian Kavanagh, Chief Executive of HRI said: "The HRI Board considered it vital that we maintain prize money levels in 2012 because a further decline would have worsened our competitive position internationally against a background where prize money increases are anticipated in France and Great Britain next year." Kavanagh added "The new Racecourse Development Scheme, whilst relatively modest compared to previous grants for this area, will allow racecourses to resume development of their facilities following three years when we could not provide any such support. Depending on the uptake by racecourses, this scheme will allow development of between €12m and €20m at Irish racecourses in the next year."
