BUDGET COMMITTEE

Co-chaired by: President-Elect Ann Shortelle – Ann.Shortelle@dep.state.fl.us
and:                 Treasurer Linda Green – lgreen@uri.edu
Board Oversight: President Al Sosiak

Budget Committee Description

Objective

The single task of the budget committee is to produce a budget for the next fiscal year.

Organization

The budget is the responsibility of the President-Elect and the Treasurer with the assistance the president, the past president, the editors, the conference coordinator, the NALMS office staff, and by others who may have insight into relevant budget details.

Objectives and Procedures

It is important for the President-Elect to receive feedback from any individuals who have knowledge about realistic costs and incomes for the following year.  These amounts will be used in an attempt to produce a balanced budget or preferably one that will show an increase in the Society’s net worth.  Deficit budgets should be avoided unless they are part of an approved strategic plan.  There are many sources of information including the actual budget from the previous year that will help to develop a budget for membership consideration at the annual general meeting.  It is recognized that there are several large budget items such as conference or membership income that are difficult to be precisely forecast.  However, there are still ways to be objective about these items and it is unwise to use these items to balance a budget if the amounts are not realistic.