BACKGROUND

An updated version is circulated due to corrections (see track-changes) on page 4.

As a result of the disapproval of the 2019 IECRE Budget proposal (REMC/235/DV) by the Member bodies, and the subsequent notification (REMC/238/RV) of a joint financial working group meeting May 14/15 in Hamburg, the attached is a revised 2019 IECRE Budget proposal of a balanced budget.

The three Sector OMCs met independently to consider the expected revenue shortfall for 2019 and arrived at proposals to close the gap between expenses and revenues. The joint finance WG meeting in Hamburg, convened by the Treasurer and attended by WGs 006, 306, 406, and 506 members, as well as the Chairs of the 3 Sectors and 3 of the IECRE Officers – Executive Secretary, Treasurer, and Chair, considered all inputs related to the budget, both revenue and expense related, and have agreed with the enclosed proposed budget, and encourage Member Bodies to approve of the 2019 IECRE Budget for subsequent submittal to CAB for their approval.

A balanced Budget is presented as provided in this document by the Treasurer.

The financial numbers used for the calculation of the 2019 budget are based on projections from the OMCs and the financial WGs: 006, 306, 406, and 506.

ACTION:

IECRE Member Bodies to approve the proposed IECRE 2019 Budget and Dues by correspondence no later than 22nd June 2018 for further approval by the CAB.

NOTE: USNC/IECRE ballots to be submitted within two weeks to allow for resolution of any comments prior to the IEC deadline.