The National Thoroughbred Racing Association in 2000 had $4.81 million in operating revenue over operating expenses, compared with a $1.82 million deficit in operating revenue in 1999. That's a swing of $6.6 million to the positive side of the fiscal ledger.The figures are part of the NTRA's 2000-2001 annual report, a 36-page document released to the membership the week of June 18. The report contains a list of officials, a summary of the organization's accomplishments, and financial statements.In 2000, the NTRA received a $3.5-million capital contribution from Breeders' Cup Ltd., and had "unrestricted net assets" of $3.49 million at the end of the year. The NTRA and Breeders' Cup merged their budgets for 2001; total operating expenses this year are projected at $56.2 million, up from $26.9 million last year.Greg Avioli, deputy commissioner of the NTRA, said there is a projected budget surplus of $400,000 for 2001.Membership dues were up considerably from 1999 to 2000 -- $25.4 million in 2000 compared with $15.6 million in 1999 -- according to the annual report. Racetrack member dues were up 25%, horsemen's association dues were up 34%, and contributions from breeders, sellers, and buyers jumped 48%. General and administrative expenses in 2000 were $6.1 million, up about $1 million from 1999.For 2001, the consolidated NTRA/Breeders' Cup budget is broken down as such: 38.3% ($21.5 million) will be spent on advertising and marketing, 34% ($19.2 million) on purses and awards, 13.3% ($7.3 million) on television, 12.1% ($6.79 million) on general and administrative expenses, and 2.3% ($1.3 million) on legislative and regulatory endeavors.