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8. Approval of the 2013 Budget

Whereas the Executive has approved the level of the 2013 budget framework, and that included within this approval, were the required actions to be taken in order to ensure that the budget be balanced.

 

It is hereby resolved:

 

1.      

a.     The budget for operating activities of JAFI financed by unrestricted funds, for the Fiscal Year January 1, 2013 through December 31, 2013 (hereinafter – "the Fiscal Year"), as presented in the proposed budget attached hereto, is hereby approved in the aggregate amount of $164.768M.

 

b.     The budget for operating activities of JAFI financed by fees for services income for the Fiscal Year, as presented in the proposed budget attached hereto, is hereby approved in the aggregate amount of $93.325M.

 

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 $56.874M. The level of designated funding may be adjusted, resulting from either an additional funding not as yet budgeted or reassessments made at a later date.

 

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 together with the Chief Financial Officer are authorized to approve payments due to employees' retirements, above the amounts budgeted in the Fiscal Year. The Director-General together with the Chief Financial Officer shall exercise this authority subject to the provisions of Article VI.A.2.(c) of the By-Laws and such payments will be funded in a similar manner as reductions of long term debt.

 

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 $15.36M for activities funded by unrestricted funds, and $3M for activities funded by designated funds. 

3.     The Chairman of Budget and Finance, working with the Director General and the Chief Financial Officer, and following consultation with the Chairman of the Executive and the Chairman of the Board of Governors, is hereby directed to prepare and submit to the Executive within 60 days hereof, a program of the necessary budget adjustments required to implement the following budgetary changes totaling $4.783 M:

 

U.S. dollars in millions

Additional adjustments already within units budgets

2.783

 

Reductions of the allocation for new initiatives

1.000

 

Additional cuts to be allocated

 

1.000

Total

4.783

 

 

4.     With regard to the amount of $2.5M shown in the attached budget as "Meaningful Partnerships - TBD",   the Chairman of Budget and Finance, working with the Director General and the Chief Financial Officer, 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 within 60 days hereof, a plan to recruit partners that will yield the required budgetary savings.

 

5.     The Director General and the Chief Financial Officer 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.

 

6.     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 4 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 4. Any surplus generated as a result of the above circumstances will be re-allocated by resolution of the Board of Governors.


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Wednesday 20 August, 2014 (c) All rights reserved to the Jewish Agency יום רביעי כ"ד אב תשע"ד