2003 Cal-bred News

HIGHLIGHTS OF THE CTBA BOARD OF DIRECTORS
JANUARY 8, 2003

The meeting was called to order at 10:00 a.m. The president announced that a quorum was present.

Minutes of the December 4, 2002 meeting were approved.

President’s Report:

Wes Fitzpatrick, who has served the board as president for the last 3 years, but is not seeking the position this year, gave board members that seek the position as President the opportunity to address the board. Those making presentations were Dan Schiffer and Keith Card. CTBA officers will be elected at the board meeting in February.

General Manager’s Report:

The incentive award revenues for 2002 are expected to increase by roughly 1.5% over 2001. The overall effects of Advanced Deposit Wagering have been positive on the incentive awards, although overall handle from other sources has not increased. Payouts in percentages for the 2002-year should be in the 15% range for breeder awards and 12% for stallion awards.

Doug Burge led a discussion of the upcoming Annual Meeting including awards presentation, committee reports, and on track festivities for Sunshine Millions day. CTBA will co-sponsor the Sunshine Millions Turf at Santa Anita along with Barretts. All races are expected to be sponsored, both in California and Florida.

Doug O’Neill was voted the California Trainer of the Year. O’Neill’s Cal-breds earned nearly $2 Million in purses, including stakes winners Sky Jack, Cee’s Elegance, Lil Sister Stich, and Excessive Pleasure.

Treasurer’s Report:

The board reviewed the 2002 financial statements, which showed a year-end surplus well over budget.

The board adopted a resolution regarding recent IRS rules and regulations changes for the 401K plan.

Sales Report:

February California Thoroughbred magazine will include an insert detailing the various yearling sales venues available on the West Coast for California Breeders. The Del Mar Sale will be August 10th & 11th. Nomination forms will be mailed the end of January. Nominations close March 3.

Education:

The board reviewed the seminars and events of 2002 and discussed seminars planned for 2003. One challenge is to get more participation at the seminars by major owners and managers at farms located throughout the state.

Racing:

The future of the NTRA Great State Challenge event was discussed, as well as the many racing opportunities available for Cal breds.

Cal Cup:

The Cal Cup committee will be meeting in the near future to determine the date for the 2003 event. More than likely the 2003 Cal Cup will take place the first Saturday in November, as has been the case the last two years. This would place it one week after Breeders’ Cup.

Legislation:

Discussion took place on legislation at the Federal and State levels including, the National issue of Internet wagering as well as federal legislation limiting the use of credit cards for wagering over the Internet. It was felt that the leading proposed laws exempted gambling where such is legal in the state participating, but these exemptions could be lost if we don’t stay on top of the issue. The possibility of legislation or an initiative to allow video lottery games or slots at racetracks was also discussed. TOC has endorsed this as their prime goal for the future. John Harris expressed concern in that it would be very expensive to mount an effort to do this, such an effort might be unsuccessful if the American Native Tribes and others opposed it and the racing industry would need to be assured that racing not become a sideshow that in time could be eliminated.

Website:

Discussion took place on the results of the recent website survey. Viewers were overall very pleased with the content of the site. It can be found at www.ctba.com.

Meeting adjourned at 1:00 pm