HIGHLIGHTS OF THE MEETING
OF THE CTBA BOARD OF DIRECTORS
AUGUST 13, 2002, DEL MAR, CA

President's Discussion. Part of the success of the Del Mar sale this year could be attributed to accommodating some of the major buyers. We were proud of our tribute to John Mabee, located near the trade show tent. 

We did a good, consistent job of screening credit applications this year, and feel that we have properly protected the best interests of the association and the consignors.

The second night's session was superior to last year's second session, which supports the shift in format to follow racing on each evening. 

Sales Committee. The Del Mar Sale was an overall success, enjoying slight increases in average and median. The results were particularly heartening, given the negative trends seen at most other yearling sales across the country. The buy back rate increased from 25% last year to 30% this year, which is a concern. 

Both the CTBA and the Twenty Second Agricultural District are committed to further improving the sales facility at the Horse Park. This year notable upgrades included better food services, permanent restroom facilities, an added wash rack, and improvements to the physical appearance of the stabling area. This year, the CTBA contracted with a veterinarian to review all radiographs for quality and to confirm that all required views were present. For the future, the Sales Committee is considering a requirement that radiographs be delivered earlier to facilitate this review.

Consignors generally did a very good job prepping their yearlings. It is our impression that our continued focus on education is showing good results. 

Mary Knight, the 2002 leading consignor, asked to address the Board, and told us that she was very pleased with the improvements to the facility, the service from the CTBA staff, and the overall upgrade in the product being offered. She understood that buyers from Kentucky and Florida were impressed with the facility and the horses.

From a management standpoint, there were few problems, and the consignors seemed appreciative of our efforts. We want to continue to improve the sale and are always open to suggestions. We believe that ongoing communications are very important to a better sale next year.

Treasurer's Report. The association is currently operating within its budget. Foal registration fees and advertising revenues have increased. The industry directory revenues are double those of last year-this is very popular publication.

Racing. Discussions are still ongoing regarding the Sunshine Millions, an event that would feature Cal-breds versus Florida-breds. Negotiations with Magna, the Horseman's groups in Florida and California, and the Breeders Assocations in each state are going well. It is our hope that an agreement can be reached in the near future that would allow the inaugural running of the event to take place in January of 2003. The CTBA Board feels that the Sunshine Cup is a unique opportunity to provide extraordinary opportunities to Cal-breds and is something that can enhance the overall California breeding program both short and long term.

Cal Cup XIII. The theme of this year's Cal Cup will be a tribute to the California Breeders. The tables will be decorated with weathervanes that will include the racing colors of different breeders. 

Education. All of the speakers are lined up for the Harris Farms Seminar, "Dreams, Reality, and the Marketplace." It is our intention that all speakers use Power Point presentations, so they will be readable from all seats in the ballroom. The focus of this seminar is commercial breeding, and we believe that this year's speakers can help everyone better appreciate the nuances of this business.