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4. : Approval of the 2011 Budget (January 1, 2011 – December 31, 2011)

The Jewish Agency for Israel

 

The Board of Governors

October 2010                                                                               Heshvan 5771

 

Resolution: Approval of the 2011 Budget (January 1, 2011 – December 31, 2011)

 

 

Whereas the Jewish Agency for Israel (“JAFI”) is adopting a new strategic plan that will necessitate changes in the programmatic directions of JAFI, and therefore adjustments in program spending from prior years; and;

 

Whereas as-yet unidentified spending reductions totaling $21.638M are projected to be required to achieve a balanced budget; and;

 

Whereas it is desirable to the greatest degree possible to effect such cuts with sensitivity to the new programmatic directions arising from the strategic plan; and;

 

Whereas it is premature to determine the appropriate expense items within which to effect the necessary reductions;

 

 

Be it resolved as follows:

 

1.                    

a)      The budget for operating activities of JAFI financed by unrestricted funds, for the Fiscal Year January 1, 2011 through December 31, 2011 (hereinafter – "the Fiscal Year"), as presented in the proposed budget attached hereto, is hereby approved in the aggregate amount of $182.396M.

 

b)      The budget for operating activities of JAFI financed by fee for services income for the Fiscal Year, as presented in the proposed budget attached hereto, is hereby approved in the aggregate amount of $89.552M.

 

c)       The budget for the operating activities of JAFI financed by designated funds for the Fiscal Year, as presented in the proposed budget attached hereto, is hereby approved in the aggregate amount of $53.4M. The level of designated funding may be adjusted following receipt of additional funding not as yet budgeted.

 

d)      Where practical, fees for services income and designated funds may be applied to finance operating activities shown in the proposed budget as financed by unrestricted funds.

 

e)      The Director General and the Director General of the Finance Department are authorized to approve payments due to employees' retirements, above the amounts budgeted in the Fiscal Year. The Director General and the Director General of the Finance Department shall exercise this authority subject to the provisions of Article VI.A.2.(c) of the By-Laws.

 

 

2.       The Capital Budget of JAFI for the Fiscal Year, as presented in the proposed budget attached hereto, is hereby approved in the aggregate amount of $19.1M for activities funded by unrestricted funds, and $5.533M for activities funded by designated funds.

 

3.       With regard to the amount of $10.814M shown in the attached budget as "Unallocated cost reductions required to balance budget", the Director General of JAFI and the Director General of the Finance Department are hereby directed to consult with the Departments and, within 30 days, to propose a program of budget line reductions totaling $10.814M determined on the basis of their assessment of the principles of the strategic plan.

 

4.       With regard to the amounts, totaling $10.824M, shown as “Cost reductions to be implemented” in the attached budget and in Appendix A attached hereto, the Director General of JAFI and the Director General of the Finance Department are hereby directed to obtain from the relevant directors of JAFI's Departments, Executive offices and Support Units within 30 days, detailed plans for the implementation of the Departments’, Executive offices’ and Support Units’ respective shares of the necessary budgetary cut as presented in appendix A attached hereto.

 

5.       The Chairman of Budget and Finance, working with the Director General of JAFI and the Director General of the Finance Department, and following consultation with the Chairman of the Executive and the Chair of the Board of Governors, is hereby directed to prepare and submit to the Executive a program of the necessary budget transfers to implement the budgetary cuts required as a result of Sections 3 and 4 above for adoption by the Executive within 60 days hereof. The budgetary implementation of the program shall be performed by the Finance Department, subject to the approval of the Director General of JAFI, immediately following the Executive’s approval.

 

6.       The Director General and the Director General of the Finance Department may place a mechanism to control spending and financial commitments during this interim period prior to the required abovementioned Executive approval. This would be done in order to protect JAFI's ability to comply with Budget revisions required as a result of the abovementioned Executive approval.


 

7.       Due to the volatility of the shekel-dollar exchange rate and the fact that all budget lines are in dollars, in the event that the actual exchange rate is higher than the JAFI budgetary exchange rate of 3.65 NIS/$, during the Fiscal Year, all budget lines for expenditure in shekels will be utilized in an amount in shekels up to and not more than the amount budgeted in dollars, multiplied by 3.65. Any surplus generated as a result of the above circumstances will be re-allocated by resolution of the Board of Governors.

 

8.       JAFI may, during the Fiscal Year, renew existing Financial Commitments which shall mature during the fiscal year, and borrow additional sums as interim financing, so that at the end of the Fiscal Year the accumulated deficit will not exceed the total accumulated deficit at the beginning of the year.

 

"Financial Commitment" shall mean any loan, guarantee, indemnity or any other financial transaction and any document evidencing or constituting such financial commitment.


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