Approval of 2020 Budget

It is hereby resolved:
1.
a. The budget for operating activities of JAFI financed by unrestricted funds, for the Fiscal Year January 1, 2020 through December 31, 2020 (hereinafter – "the Fiscal Year"), as presented in the proposed budget, is hereby approved in the aggregate amount of $125.003 million.

b. The budget for operating activities of JAFI financed by fees for services income for the Fiscal Year, as presented in the proposed budget, is hereby approved in the aggregate amount of $190.833 million. This level of funding is based on current assessments of income to be received during the Fiscal Year. The income from fees for services will be adjusted during the Fiscal Year to reflect actual income.

c. The budget for the operating activities of JAFI financed by designated funds for the Fiscal Year, as presented in the proposed budget, is hereby approved in the aggregate amount of $57.070 million. This level of designated funding is based on current assessments of designated income to be received during the Fiscal Year. The designated income will be adjusted during the Fiscal Year to reflect actual income.

d. The total budget for the operating activities of JAFI for the Fiscal Year, as presented in the proposed budget, is hereby approved in the aggregate amount of $372.906 million.  

e. The Director General together with the Chief Financial Officer are authorized to approve payments due to employees' early 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, is hereby approved in the aggregate amount of $8.3 million for activities funded by unrestricted funds, and $3.0 million for activities funded by designated funds.

3. 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 3.50 NIS/$, during the Fiscal Year, all budget lines for expenditures in shekels will be utilized in an amount in shekels up to and not more than the amount budgeted in dollars, multiplied by 3.50.

4. With regard to the amount of $2.5 million shown in the attached 2020 budget as "Budget Reduction Contingency", this amount is to be implemented in April 2020 if no alternative additional unrestricted budget sources are attained. The breakdown of the Budget Reduction Contingency by units appears in an appendix to the 2020 proposed budget. The allocation of the reductions within each program unit will be presented for approval at the Board of Governors session in February 2020.