ACTTAB
Racing Development Fund
The Racing Development Fund (RDF) is established under section 41 of the Betting (ACTTAB Limited) Act 1964.
The RDF has two prime functions, they are:
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Monthly payments to declared race clubs
There are three declared race clubs in the ACT - ACT Racing Club, Canberra Harness Racing Club and Canberra Greyhound Racing Club.
Section 32 (1) of the Act provides that at the beginning of each month, ACTTAB shall pay to the Territory an amount equivalent to a determined percentage of turnover (in respect of the previous month). That percentage is currently 4%.
Section 34 (1) of the Act provides that as soon as practicable after receiving the monthly payment, the Minister shall pay to the RDF an amount equivalent to that received from ACTTAB.
At the end of each month, a payment is made to the declared race clubs. The moneys are apportioned between the three clubs as follows.
ACT Racing Club 75.0%
Canberra Harness Racing Club 12.5%
Canberra Greyhound Racing Club 12.5%
This payment process happens every month and is designed to provide greater transparency in the funding arrangements for the racing industry.
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Infrastructure and other projects
The second function of the RDF is to provide a mechanism to fund the construction and improvement of infrastructure, the purchase of major equipment and the development of racing in the ACT.
Section 32 (2) of the Act provides that at the beginning of each financial year, ACTTAB shall pay to the Territory an amount equivalent to a determined percentage of turnover (in respect of the previous year). That percentage is 0.5%.
Section 34 (2) of the Act provides that as soon as practicable after receiving the annual payment, the Minister shall pay to the RDF an amount equivalent to that received from ACTTAB.
The range of activities upon which payments may be made from the RDF are set out in Section 44 of the Act.
The Minister is empowered to approve expenditure from the RDF in respect of the 0.5% component.
Over recent years, a more structured approach to the administration of the RDF and the determination of funding priorities has been adopted.
On an annual basis, the ACT Gambling & Racing Commission writes to the three declared race clubs and ACTTAB calling for bids for funding from the RDF. The bids are prioritised by the clubs/ACTTAB and must be consistent with and complementary to the strategic business plans of each organisation.
After assessing the bids, all parties meet to determine an agreed annual funding profile for the RDF. This profile is provided to the Minister.
As each project is finally determined and final costings are known, a formal submission is provided to the Minister for approval. It is at this stage that expenditure from the RDF is approved.
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