At the end of July there was a Board Meeting of Standardbred Canada Directors by telephone conference call. There were a number of items that were discussed, which included the fiscal results for the first eight months ending June 30, as well as recommendations for the upcoming 2011/2012 Operating Budget. As I reported last month, our revenue continues to decline; with some well managed expense items that SC deffered or discontinued, however, we should show a mild variance at the end of the fiscal year.
The Board gave guidance that: the budget be a balanced one for two years; that fee increases are only a last resort for revenue; and, that there is some capital required for building improvements as our head office is roughly two decades old and in great need of some updates.
Dr. Maurice Stewart was appointed by the Board to the Executive Committee due to the vacancy of Chris Roberts. Dr. Stewart is an Active Director from Alberta, who has served SC for many years as well as a previous President of Canadian Standardbred Horse Society. Our next scheduled Board of Directors meetings will be in November 2011.
At the beginning of August, Standardbred Canada participated in the 22nd World Trotting Conference held in Jersey City, New Jersey. There were 52 delegates representing 17 countries. Many, many topics were discussed, with the emphasis being on drug testing and integrity, as well as declining ownership. Some countries are at a zero tolerance regarding any drug use, and would like to see the rest of the racing world move to the same philosophies.
Also discussed by the Swedish delegates was a new type of ownership. The industry sold 16,000 shares at $50.00/piece at the beginning of the year, which represented 16 horses with 1000 shares each. Each horse -- a three year old -- was a short term purchase from March through November of that year. The trainer then had $50,000 to buy and train the horse for that period. No extra money was added to the training budget. Those 16 horses collected points throughout their time racing and the horse that collected the most points earned a bonus of $17,000 for its ownership group. When each horse was sold in November, 90% of the sale price went to the owners, and 10% to the trainer. What an innovative way to try and encourage new horse ownership!
John Blakney of the Ontario Racing Commission made a well-received proposal at the conference that a new organization be born, “IRIIS” an International Racing Intelligence Information System, where worldwide racing participants can share intelligence information.
In conjunction with the World Trotting Conference the 25th World Driving Championship took place. I’m sure most of you followed it, so all I will say is that we are so proud of you yet again Jody! You’re a great ambassador — not only for Canada, but for horse racing around the world!
By Tammy McNiven