Dear Members, Here is my update that I was intending to report on the call. Third FY12 budget has just been published. To remind you these were Draft in 17-May, then Public and Constituency comments, board approval 21-June subject to unspecified changes. Approved budget published 9-August. (Only changes I can see from draft to approved were the AC/SO support requests reduced from 970k to 597k) although the introduction does mention board minuted approval of RPKI (no numbers) and JAS ( 2m$ but I can not see it in the budget) Rational for the 9 Sept Budget is Based on the Board's decision to approve the launch of the New gTLD Program and to open the application window on 12 January 2012, the application processing now extends into the 2013 fiscal year. Therefore, it became obvious that including the New gTLD revenue and expenses across FY12 and FY13 presents a more accurate view of the overall FY12 budget. Also published are a <http://www.icann.org/en/financials/consolidated-budget-fy12-09sep11-en.pdf> new consolidated budget schedule which simply summarizes the consolidated budget detail into two pages. (somebody must have taken my idea from the sheet I waved at the BC board meeting) and a new schedule presenting the <http://www.icann.org/en/financials/new-gtld-program-cash-flow-09sep11-en.pd f> estimated cash flows for the New gTLD program, to include the processing of the 1st round applications over FY12 and FY13. Also mentioned is a re-allocation of approved constituency funding from three At-Large regional meetings to one General Assembly are reflected in this <http://www.icann.org/en/financials/adopted-opplan-budget-fy12-09sep11-en.pd f> updated FY12 Budget ( although this was in the 9-Augand and the heading does not mention the denial of the constituency requests element) So what highlight of this new budget. 97m gTLD income (500 * 185k) is moved from FY12 to 27m in FY12 and 64m FY13. Costs move as well but this has the effect of moving the previous this has the effect of reducing the 18m increase in net assets (profit) to only 180k. (a number so small and positive that it must have been worked backwards) Also new is out of 94m income that is allowance for 8.2m refunds. Costs already occurred in previous years seem to be included again. So it look like the whole exercise is not to show profit for the program. This would be a conservative as accounting is supposed to be. I have to go now so will send this first part now and another to more to follow. Chris Chaplow Managing Director Andalucia.com S.L. Avenida del Carmen 9 Ed. Puertosol, Puerto Deportivo 1ª Planta, Oficina 30 Estepona, 29680 Malaga, Spain Tel: + (34) 952 897 865 Fax: + (34) 952 897 874 E-mail: <mailto:chris@andalucia.com> chris@andalucia.com Web: <http://www.andalucia.com/> www.andalucia.com Information about Andalucia, Spain.