New Post-Financial Information from the June finance meeting

http://www.facebook.com/pages/The-Group-for-Accountability-and-Fairness/130530581735?v=app_2373072738

Thank you to everyone who took notes at the June financial meeting. The following is a summary of those notes.-


Facts from finance meeting in June
As of June we have $55M in the bank
Total Budget is 40$M for this year ending March 2011
45% of our money for budget comes from our bank account (general revenue account) $16M to 18M
55-18=37$or 39$M left in bank at end of March 2011

Some of which is set aside and cant be touched because of :

Collateral for loans (land purchases) and the Housing collateral fund of $10M and the credit facility of $18M = Which leaves us with approx $15 M actual free and clear cash in the bank at the end of March 2011 at the rate we spend money it wont last long
Money will start to come to us monthly August 2011 which is 1.9% gross of profits could be as high as $10M per year
plus the land leases of approx $4M which still goes into the trust fund
Also casino funding remain the same at approx $10M a year, snow contract/water charges/ sewer charges/ police and fire but is already calculated in the budget so it is not over and above
Even with the new casino agreement we will have nothing left in the bank unless we stop spending like this $24M a year on wages and benefits $18M operating budget