[CRL] The Budget and Financial Planning (60th Cosă) Act

[Sir Lüc]

WHEREAS, the Organic Law directs that His Majesty's Government submit a Budget by the second Clark of the current term of the Cosă,

SECTION A - Financial Report

THEREFORE, His Majesty's Government notifies the following financial report to the Ziu:

The current funds of the Kingdom consist of a checking account, a savings account, and a PayPal account. The former two are currently held at Ally Bank, and are in the process of being transferred to Wells Fargo Bank by the Burgermeister of Inland Revenue.

Based on reporting from the Burgermeister of Inland Revenue as of 30 June 2024, and subsequent payment of registration fees between July 2nd and July 11th, these accounts stand at the following balances:

• Checking:  31¤04 (US$46.60)
• Savings:  826¤39 (US$1,239.97)
• PayPal:    427¤04 (US$640.59)

Total:          1284¤46 (US$1,927.16)

Between the June 30th Treasury report and the previous Treasury report as included in the Budget for the 59th Cosă, the following changes had occurred:

• Savings:  + 19¤57 (US$29.93) from interests earned
• PayPal:  + 54¤08 (US$81.21) from a contribution by one citizen totaling 3¤20 (US$5.00), payment of registration fees by COFFEE and IND, and sales of coins, stamps and items on printify.com

Total :        + 74¤06 (US$111.14)

No expenditures have occurred, as Talossa's webpresence is run at no cost for the time being.

Since the June 30th Treasury report, a number of registration fee payments have been publicly noted by the Burgermeister, along with a single contribution:

• PayPal:  + 46¤40 (US$70.00) from a contribution by one citizen totaling 3¤20 (US$5.00) and payment of registration fees

Total :        + 46¤40 (US$70.00)

SECTION B - Budget

FURTHERMORE, His Majesty's Government hereby submits to the Ziu a request for the appropriation of funds from the Royal Treasury, totaling 266¤40 (US$400.00), for the specific purposes and subject to restrictions as outlined herein:

- Ministry of Culture: 33¤20 (US$50.00) for cultural grants
- Ministry of Technology: 133¤20 (US$200.00) for speculative webhosting costs
- Ministry of Foreign Affairs: 33¤20 (US$50.00) for expenditure by the Bureau of Humanitarian Aid and International Development
- Ministry of STUFF: 33¤20 (US$50.00) for the issuing of ID cards
- Prime Ministry: 33¤20 (US$50.00) for supplemental funding to other appropriated funds, and for small expenses (eg. postage) by the Government and Royal Civil Service

FURTHERMORE, notwithstanding the above allocations, no funds shall be disbursed without a notice of disbursement having first been transmitted to the Ziu at least fourteen days prior to the disbursement, except that disbursements solely for the purpose of postage may be made with no less than 24 hours notice. Notices shall contain details of the purchase and a cost estimate for the purchase, or the total amount paid if seeking funds for reimbursement. Copies of receipts and/or invoices will be provided upon request to Members of the Ziu.

FURTHERMORE, any funds allocated by this section shall be retained in the Royal Treasury's accounts by the Burgermeister of Inland Revenue until such time as they are disbursed. Funds not disbursed prior to the end of the term of His Majesty's Government shall remain in the central fund.

SECTION C - Investment Policy

FURTHERMORE, His Majesty's Government hereby directs the Burgermeister of Inland Revenue to continue investing all held funds, except for an amount of liquidity needed for day to day operation up to half of the total of appropriated funds as listed in this Budget, into a high-interest savings account unless or until otherwise directed or advised by act of the Ziu.



Ureu q'estadră så,

Sir Lüc da Schir MC, Minister of Finance, on behalf of His Majesty's Government

[xpb]

regarding

"PART C - Investment Policy

FURTHERMORE, His Majesty's Government hereby directs the Burgermeister of Inland Revenue to invest all held funds above 66¤40 (US$100.00) into a high-interest savings account unless or until otherwise directed or advised by act of the Ziu."

There is a tradeoff between liquidity and rates of return.  Is there any expectation for access to funds by any specific date?

[Sir Lüc]

regarding

"PART C - Investment Policy

FURTHERMORE, His Majesty's Government hereby directs the Burgermeister of Inland Revenue to invest all held funds above 66¤40 (US$100.00) into a high-interest savings account unless or until otherwise directed or advised by act of the Ziu."

There is a tradeoff between liquidity and rates of return.  Is there any expectation for access to funds by any specific date?

Not really, no, but I understand your point. I will raise the cap so that the budgeted total is fully covered by liquidity, even if not all of the appropriate funds are going to be spent anyway.

[Miestră Schivă, UrN]

I'm not in favour of so much being in PayPal. Do we need that much to cover regular PayPal expenses?

[xpb]

I'm not in favour of so much being in PayPal. Do we need that much to cover regular PayPal expenses?

You are correct that not that much need be in PayPal and it has been reduced to $100 with the remainder in Wells Fargo.  $100 also remains in Ally as a placeholder until all the signers are completed for the new account such that the crown, the current government, and the civil service will all be represented.

[Sir Lüc]

I should say the amount indicated under section C is a maximum cap, so the Burgermeister has latitude to manage the PayPal liquidity as he sees fit.

[Sir Lüc]

Apologies to the CRL for leaving them just two days of margin to review this, but it does need to get on the Second Clark - @Glüc da Dhi S.H. , @Ian Plätschisch , @þerxh Sant-Enogat

[Ian Plätschisch]

Approved

[Glüc da Dhi S.H.]

Recommendations:

-Adding a section on expected income, as was common practice until the 57th cosa.
-Scrapping or further clarifying the appropriation for "general spending".

Regardless of whether such changes are made, I recommend acceptance. (We need a budget after all)

[þerxh Sant-Enogat]

Approved also

[Sir Lüc]

Recommendations:

-Adding a section on expected income, as was common practice until the 57th cosa.
-Scrapping or further clarifying the appropriation for "general spending".

Regardless of whether such changes are made, I recommend acceptance. (We need a budget after all)

Those are both good points so I thought I would address both.

Expected income was also present in the past two Budgets in a way, under "voluntary fundraising". I personally disagree with the practice of setting arbitrary fundraising targets, partly because I consider them empty words, as nobody checks if they have been met afterwards, and partly because we don't really need the money right now. Regardless, I will be exploring with the Cabinet the possibility of reinstating some sort of fundraising drive, particularly if we were to find that alternative webhosting was more expensive than anticipated. I plan on updating the Ziu on these matters, including estimates on non-fundraising related income, in a future statement.

General spending is what Back In The Day(tm) was called "miscellaneous spending". Essentially, I was not sure whether the other "pots" would be used up completely or at all, so instead of appropriating a huge chunk of money for each, I reduced most of the appropriations while reintroducing a small fund that can be used to supplement other "pots", or for small (eg. postage) expenses of any Ministry and Royal Civil Service entity. I will be clarifying this better in the bill text.