Page Comparison

• 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

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?
    • Dev lead?
  • Other wish list items from the project?

See v3 https://docs.google.com/document/d/1IkI_bKUl4XlKTZWbfPNOcxDri4Ss8SBN9LrcIDl3sbc/edit# which was an accept of previous edits and the result of 2023-04-13 Tri-Council Meeting discussion

• There was agreement on all terms except "platform"
• Does CC wish to suggest any changes to "platform" or leave as is? This might be a task better left to TC.

Quick check in on whether CC is in a position to execute on its documented role in Governance of FOLIO