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Finance and Audit Committee Report Board of Directors Meeting December 7, 2007.

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Presentation on theme: "Finance and Audit Committee Report Board of Directors Meeting December 7, 2007."— Presentation transcript:

1 Finance and Audit Committee Report Board of Directors Meeting December 7, 2007

2 Budget Overrun July 26, 2007 FAC Meeting / projected $1,121,000 overrun (filed with FERC for 2008 Budget) October 3, 2007 FAC Meeting Projected an overrun of ($494k) Offset by un-forecasted revenue $216k Total overrun projected of ($278k) December 6, 2007 FAC Meeting Project an overrun of ($518k) Offset by un-forecasted revenue $275k TOTAL OVERRUN in 2007 of ($242k)

3 3 Reserve Fund Reserves at end of 2006 Projected Reserves at end of 2007 Projected Reserves at end of 2008 $3,200,000$3,432,000$4,553,000

4 FERC Approved Budget 2008 FERC Approved ERO Assessment $4,652,916 Labor$14,875,481 Office$866,782 Computer Systems $6,341,632 Travel$809,580 Meeting Expenses $537,300 Professional Services $2,454,994

5 FERC Approved Budget 2008 FERC Approved Insurance $590,000 Overhead Transferred ($66,930) TOTAL Expenditures $31,061,755 Replenish Reserves $1,120, Assessment $32,182,696


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