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FY14 Estimate at Completion. 29 April 2014 Finance Committee Sandy Magnus Karen Rosenblum. Continuing Operations FY14 EAC. FY14 Year End Projection = ($460K). Variance Breakdown. Attendance. Exhibits & Sponsorship. 2014 Budget Balancing. Positive Financial Impact
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FY14 Estimate at Completion 29 April 2014 Finance Committee Sandy Magnus Karen Rosenblum
Continuing Operations FY14 EAC FY14 Year End Projection = ($460K)
Variance Breakdown Attendance Exhibits & Sponsorship
2014 Budget Balancing • Positive Financial Impact • Business efficiencies • Large staff cut • Termination of pension • Not accruing staff bonus • Reduce TAC meals • Hold STEM • Hold TC Funding • Negative Financial Impact • Attendance • Sponsorships • Exhibits • Publication Sales • Continuing Education It’s not enough!
What’s Next • Fundamentally – We Need Revenue • Hired Director of Marketing • About to hire a Business Development Director • Forums need growth & development • SPACE Forum needs overhaul • Cannibalizing revenue from within • Don’t see a big change for 2015 • Without major change will have to cut more programs & services • Need major cultural/organization change
Trend in Institutional Journal Subscribers Note: At the time of developing the FY14 budget in FY13, we were experiencing a continued downward trend. At the end of FY13, we saw a positive uptick in subscribers. FY14 key indicator projections are conservative as we are not certain we will experience an uptick at the end of FY14.
Trend in Event Attendance (TC Events) Note: FY14 budget number represents adjusted key indicator based on Estimate at Completion.
Overall Event Attendance (TC and Vended Events) Note: FY14 budget number represents adjusted key indicator based on Estimate at Completion.