Approval of the 2018 Budget (January 1, 2018 – December 31, 2018)

It is hereby resolved:

1.
a. The budget for operating activities of JAFI financed by unrestricted funds, for the Fiscal Year January 1, 2018 through December 31, 2018 (hereinafter – "the Fiscal Year"), as presented in the proposed budget, is hereby approved in the aggregate amount of $129.753 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 $168.200 million. This level of funding is based on current assessments of income to be received during 2018. The income from fee for services will be adjusted during the 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 $46.300 million. This level of designated funding is based on current assessments of designated income to be received during 2018. The designated income will be adjusted during the year to reflect actual income.

d. 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 $13.3 million for activities funded by unrestricted funds, and $3 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 3.60 NIS/$, during the Fiscal Year, all budget lines for expenditure in shekels will be utilized in an amount in shekels up to and not more than the amount budgeted in dollars, multiplied by 3.60.

4. The Chairman of Budget and Finance, working with the Director General and the Chief Financial Officer, and following consultation with the Chairman of the Executive and the Chairman of the Board of Governors, is hereby directed to prepare and submit to the Executive within 60 days hereof, a program of the necessary budget adjustments of $8 million required to allocate the ‘Additional reduction to be allocated’ line in the budget for operating activities for the 2018 Fiscal Year.