ITEM 13 – FINANCIAL MATTERS

Item 13 – Financial Matters

The Income and expenditure statements for the three Trust Funds operated by the Commission were provided by the Administration and Finance Department of FAO, for 2007 and 2008 (Appendix 25).

The budget proposal for contributions to the administration of the Commission by the member countries (to Trust Fund MTF/INT/011/MUL), as agreed by the 74th Executive, was presented by the Secretary (Appendix 26).

Discussion

The question was raised by one member state of fixing contributions in euros rather than US dollars, to ensure the countries were clear in their expected level of contribution. Mr David Baugh, Administration and Finance Department, outlined options available to be adopted by the Organization, including splitting contributions in US$ and in euro. He strongly recommended that the implications and procedures to identified and understood before adoption, requiring a paper to be reviewed by the Executive.

Conclusions

1. The Statements of Account for MTF/INT/011/MUL, MTF/MUL/004/MUL, and

MTF/INT/003/EEC for 2007 and 2008 were endorsed; 2. The budget paper for 2010 and 2011 was agreed, as proposed in the paper circulated to member states in advance of the Session, of an annual total contribution by the member countries to MTF/INT/011/MUL of US$547,352, and individual country contributions as indicated in Table 3 of the paper; 3. Currency exchange variations to the US dollar affect the level of contributions by member states, and a review of the feasibility of a split assessment or other option for denominating the contributions in euro and/or dollars should be conducted before the 39th

Session.