2005/2006 budget approved.

The board has approved NZNO's budget for the 2005/2006 financial year. In presenting an overview of the budget, business services manager Dragan Radic outlined some assumptions about NZNO's income:

* membership income this year was estimated at between $8.45 million and $8.5 million

* membership growth of four percent

* revenue from subscriptions projected to be $10.2 million

* total estimated income of $10.8 million.

Recent board decisions to reinvest income from interest ($292,000) rather than spend it on operations, and to transfer $250,000 to capital funds to build NZNO's financial reserves had budget implications, Radic said.

Total operational expenditure was estimated at $9.9 million, with capital budget expenditure at $461,000. The capital budget is higher than usual due to the implementation of a new accounting system, electronic document management, refurbishment/relocation of the Hamilton office, the possible introduction of video conferencing and the possible introduction of a new telephone system.

Chief executive Geoff Annals said some budget items still needed further detail, eg professional projects.

The board accepted the budget subject to approval of detail by the finance committee.