Whereas the 2004 budget included a requirement for $7.7 million of anticipated budget cuts; and

Whereas a shortfall in budgeted revenue is now anticipated for the remainder of the 2004 budget year in the sum of $3 million;

And whereas the Executive recommends a cut of 1.6 Million in the Aliyah and Klitah Department, a cut of 0.4 Million dollars from the Israel Department, a cut of 0.9 Million from the Education Department and 0.08 Million dollars will be taken from the activities of the supporting Departments;

Therefore the Board of Governors resolves to accept the Executive recommendation and reduce accordingly the 2004 budget.