The National Thoroughbred Racing Association has budgeted $65.6 million in operating revenue for 2005, according to the organization's annual report, which was released Thursday.According to the report, 54% of the operating revenue will come from Breeders' Cup operations--about $17 million from stallion nominations and $18.3 million in revenue from the Breeders' Cup World Thoroughbred Championships and related business. Membership dues are expected to generate $16.9 million and television sponsorship, NTRA purchasing, and promotions are expected to total $13.1 million. Purses and awards, including purses for the Breeders' Cup World Thoroughbred Championships and the Breeders' Cup Stakes program, constitute the single largest expenditure at $21,385,000. The organization plans to spend $17.7 million on marketing, including marketing for the Breeders' Cup, national advertising, and promotions and other events. That amount will be broken into $10 million on television and TV production and $7.7 million on sponsorship fulfillment and group purchasing. Nearly $2 million will be spent on legislative programs, not including the NTRA Political Action Committee's Horse PAC, which distributed $465,000 during the 2003-04 election year. General and administrative expenses for 2005 are budgeted at $5.8 million.