`` CdPNY
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PNB Finance Committee motion on WBAI budget, 8-29-07

The PNB Finance Committee has reviewed the request of the WBAI Local Station Board regarding its FY'08 budget in the context of current and projected income, debt, expenses, and cash flow.

The committee finds that the financial situation at WBAI is critical because cash flow projections demonstrate that the station will not be able to meet its financial obligations.

The committee recommends that the WBAI station management identify additional savings that would achieve a net surplus of $125,000 for the next fiscal year (FY'08) in a revised budget for submission to the WBAI LSB by September 5, 2007.

In the event that the WBAI LSB fails to approve a budget within these parameters, the management of that station should submit its budget directly to the CFO before September 13, 2007 for PNB Finance Committee review.

The committee further finds that the finances of WBAI are such that WBAI management must develop recovery plan targets for submission to the Pacifica National Board in September.

(This pased w/o objection. WBAI treasurer Baruti Bediako abstained.)

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