Presentation of 2015 Budget [pause] 00:12 Vymala Thuron: Thank you, I've been advised that we just get to the end so we discuss everything together and then we'll move on. So may I invite the Chair of the Finance Committee, Mark Elkins, to present the 2015 budget. Mark? 00:31 Mark Elkins: Thank you, Mr. Chair. Good afternoon everybody, I am the Chair of the Finance Committee, on the board. [pause] 00:58 Mark Elkins: Okay, so the Operational Budget for 2015, the concept of how it's been done is all built around the basis of service excellence. The functional activities for the year involves improvements in service delivery, which had started a while ago, and prepared in line with the board's five-year strategy plan. 01:28 Mark Elkins: The Revenue Budget, which is the most interesting, the income, derived, obviously, mainly from membership fees, single source of... Primary source of revenue. There's no changes in fee structures or anything for the next 12 months at least. And that continues to grow with a steady growth in membership base. Increase in resource allocations expected from growth in membership income and new members for 2015 have been kept at the 2014 price. The reliance on the positive impact of various measures that have been put into place; for example, the new membership portal that was launched. And we also do try every effort to make sure that resource reclaims are kept to a minimum, in other words, members who are defaulting. 02:42 Mark Elkins: A summary of the fee revenues; so we have the LIRs and insights, I'm not going to read the figures. What is interesting though is there is still a reasonable increase in new membership, so this is the main source of our revenue. 03:09 Mark Elkins: The expenditure side; no major changes in main core operations. And we're trying to be as conservative as possible so most things are based on previous years or the previous year. Costs revolving around activities undertaken during the coming year. The primary expenditure remains the HR costs, and to match expectations new recruitments, again, are somewhat frozen and will be reviewed based on how well new membership occurs. There is the continuation of the cost control culture that has been built up. And the idea is to continue the recovery embarked on for the last few years since 2013, and to minimalize incidents of bad debt, capitalize on the sponsorship of our events and avoid impact on any service deliveries... Delivery levels. 04:23 Mark Elkins: So expenditure table, again I'm not gonna to go through this in detail, but you can see that the first line, HR, is the biggest slice. So total administrative expenses, basically 2.9 million. There is a provision for bad debts of 60,000, we're obviously hoping it'll be less than that. You can see membership training, at IPv6 Outreach etcetera there. So they are total operating costs, basically 3.89 million. 05:23 Mark Elkins: So summary of all of this, bottom line, we expect to have surplus of around about 242,000 US dollars. And focuses, delivery service excellence and a continuation to improve on high levels of customer satisfaction. Thank you very much. [applause] 06:06 Vymala Thuron: The last presentation before we discuss and then we break for...