| Treasurer's Update | | - Current projections show an ending FY23 balance of $140,000, but
- $30,000 was FY22 income already put aside in reserve fund
- $36,000 in FY23 expenses will not be billed until FY24
- $60,000 in FY23 income was prepaid memberships (we will not see these funds in FY24-FY27)
- "Actual" ending balance of $17,000
- Recommendation: Put $60,000 into reserve fund
- Total reserve would be $150,000
- Six-month reserve under current expenses $200,000
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| FY24 Budget Planning | Paula Sullenger | Paula will present draft FY24 budget, Discuss options (30mins) FY24 projected income is based on current memberships all renewing at same level, minus prepaid memberships - Income: $375,000 (memberships) + $109,000 (Ebsco tech support) = $484,000
- Expenses:
- With current AWS expenses and developer: $464,000 (barely break even)
- With current AWS expenses, without developer: $320,000 ($160,000 available for other expenses)
- With reduced AWS expenses, without developer: $270,000 ($210,000 available for other expenses)
- Expect LC to join with a 5-year prepayment
- Recommendation: Put this prepayment amount immediately into reserve fund, will meet our goal of six months of expenses
- Options for spending $150,000 - $200,000 in FY24?
- Pay for other needed positions in the organization?
- Buy out part/half time of individuals to perform needed functions?
- Other wish list items from the project?
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