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

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