GF/B08/DP20
Approved by the Board on: 30 June 2004
Transfer from 2004 Budget
The Board notes and shares the concerns expressed in the report of the Executive Director as to the situation with regard to Portfolio Management staffing, in view of the anticipated rapid acceleration of workload in July - December 2004 and beyond.
MEFA will call a special meeting of a Finance sub-group in advance of the 7 - 8 October MEFA meeting to further review and analyze the staffing situation and the budget implications for 2004 and 2005. This meeting will also review the 2005 and 2006 draft budget details to ensure that the preparation of the budget is completed in accordance with the agreed schedule and to deliver fully developed proposals to Board members by
October 22, 2004.
As an exceptional measure, the Board authorizes an increase in the 2004 Secretariat budget of up to $2.0 million, representing + 29 positions, a maximum staffing of 118 positions. This translates into a 2005 commitment of $ 4.8 million (annual basis).
This will be financed in 2004 by a $ 1.7 million transfer from the 2004 LFA budget and the use of up to $ 300,000 from the contingency provision, after exploring other 2004 savings options.