l.c.
per
to fix
the
The Bill therefore proposes percentage of the proceeds payable to the lub for its
cent operating expenses at 7.5%. This takes into account the
ten
per cent actual average cost of 7.88% of the proceeds for the
years ending June 1986. The consequential share for the
per
per
two
cent Lotteries Fund will be 3.5%. This figure compares favourably with the share for the last 2 years which was
cent 2.42% and 2.96% respectively.
l.c.
To provide a degree of stability to the proposed arrangements, any change to the percentages allocated for operating costs and to the Fund should be subject to a resolution by this Council. While the Jockey Club would be encouraged to review the cost percentage periodically, we do not, however, envisage any change to the percentages within the first three years of its introduction.
Sir
The Lotteries Board and the Jockey Club have l.c. given their support to the proposals The Board has also
given an assurance that it has no plans to increase the unit price of a Mark Six entry for the next three years.
If the Bill is approved by Members, the fixed percentage rates shall have retrospective effect from 1 July 1986. The Lotteries Board has estimated that the Lotteries Fund will benefit from an additional allocation l.c. of $27 million in respect of the Club's 1986/87 financial
year.
adjourned.
on
Sir, I move that the debate of this motion be
Motion made. That the debate on the Second Reading of the Bill be adjourned.
Question put and agreed to.