The National Thoroughbred Racing Association is projecting total operating revenue of $81.5 million by 2010, the last year of its five-year strategic plan. The largest revenue-producer would be Breeders' Cup, which has a joint operating agreement with the NTRA.A financial plan accompanied the 2006-10 strategic plan released June 15 by the NTRA board of directors. The five-year projection calls for a $10-million increase in operating revenue based on the $71-million figure for 2006.The largest projected increase--about $7 million--would come in the area of sponsorship revenue ($13 million 2006 vs. $20 million in 2010). Membership dues would grow less than $1 million, from $13.45 million next year to $14 million in 2010.Breeders' Cup revenue would rise from $42.5 million in 2006 to about $45 million by 2010, according to the financial plan. Breeders' Cup will give the NTRA $2.5 million a year for the five years.Operating expenses also would rise about $10 million over the five years, though they're spread fairly evenly in most categories. General and administrative expenses are actually projected to drop a bit, from $5.75 million in 2006 to $5.42 million in 2010.Excess revenue over expenses is pegged at $600,000 to $650,000 a year over the five years. Net assets would remain static at $750,000.Under the line item of membership dues, racetracks would pay about $5.75 million a year over the five years, and horsemen's associations about $4.4 million. Auction-related dues or contributions would run between $3.15 million and $3.65 million.The strategic plan is being circulated in the Thoroughbred industry. The NTRA is currently lobbying members to renew for another five years.