Fiscal Year 2024 Budget Hearing

Pursuant to Article XII(c) of the Articles of Incorporation, the CLPOC will have a Fiscal Year 2024 Budget Hearing during the February 25, 2023, board meeting. The Budget Hearing portion of the meeting is conducted to provide the membership an opportunity to make comments on the proposed budget. A summary of this budget, ProForma, was mailed to all members in the recent annual mailing and is also in this issue of The Canadian Laker

The Fiscal Year 2024 ProForma Budget, which will run from April 1, 2023, thru March 31, 2024, contains total income of $6,025,224, and total operating expenses of $5,098,591. The Replacement Reserve Fund and New Capital Fund contributions have budgeted contributions of $622,000 and $50,000, respectively. It also contains the dollar amount of $254,633 expected for unpaid membership fees during the fiscal year. Also, as part of this budget process, the Board will be approving the proposed Fiscal Year 2024 Replacement Reserve expenditures.

This ProForma budget depicts certain income line items and the percentage of each item as it equates to our total income. It also illustrates certain operating expense line items and the percentage of each item as it equates to our total operating expenses. In addition, this budget provides a breakdown of the membership fee regarding the amounts applied to each operating expense.

The Finance Committee has recommended to the Board this balanced budget for Fiscal Year 2024. The Board will continue to discuss this budget and may make changes prior to its official adoption. It is intended that the CLPOC Board of Directors will be adopting a final Fiscal Year 2024 budget, including contribution amounts to the Replacement Reserve and Capital Improvement funds, at their March 25, 2023 meeting.