NACDL - Authorizing a Budget Amendment to Forego the Annual 1.5% Allocation Towards Reserve Account

Authorizing a Budget Amendment to Forego the Annual 1.5% Allocation Towards Reserve Account

The Board mandated allocation to reserve 1.5% of last year's revenues will not be funded for fiscal year 2002, and the budget shall be amended to reflect this exemption.

WHEREAS,

Given the uncertainty of the current economy;

Given that our rent is likely to increase significantly; and

Given that we anticipate a decrease in program revenues for fiscal year 2002,

BE IT RESOLVED that the Board mandated allocation to reserve 1.5% of last year's revenues will not be funded for fiscal year 2002, and the budget shall be amended to reflect this exemption.

Barbara Bergman
Treasurer 

Santa Fe, New Mexico

Continue reading below