Oct.-Nov. 2025 Budget work-up/adoption schedule - final vote on Nov. 21, 2024

Rebecca Webber

Colleagues, I’m posting in my capacity as the Chair of the Governance, Finance, and Administration Committee
to preview GFA’s and staff’s joint plan for working up and adopting our 2025 budget.

The 2025 budget will be largely driven by the 2024 budget amendment that we adopted on June 27, 2024 (resolution no. SHFC-2024-33) so I am linking that here as our baseline. https://www.dropbox.com/scl/fi/boxswrbn7qxynfrlbdqml/2024-budget-amendment-as-adopted.pdf?rlkey=davarb1wrnez2fypeb6cxwhf1&dl=0

If you have budget priorities that are not in our 2024 budget, please post them here by October 18, 2024.

Schedule for working up the 2025 budget:
10/4/24: draft 2025 budget expenditures posted to board forum
GFA to review at regularly scheduled 1st Fridays committee meeting 10/4/24 at 11:00am-12:00pm CT

10/18/24: draft 2025 budget revenues posted to board forum
GFA to review at regularly scheduled 3rd Fridays committee meeting 10/18/24 at 11:00am-12:00pm CT

Please let me know if you would like to join either of the GFA budget work sessions (10/4/24 and 10/18/24).

11/tbd/24: publicly posted (pursuant to Texas Open Meetings Act) joint work session of GFA and Real Estate committees to be approx. 80% about portfolio review and 20% for final mark-up of 2025 budget

11/21/24: budget vote at SHFC regularly scheduled November voting session

Thank you,
Rebecca Webber

Jan Wenig

Thanks for posting the Budget for discussion. I have one initial comment on the revised budget as amended last month. One of the biggest increases from the Proposed Budget to the Amended Budget is the expense for obtaining Insurance. Listed as General Liability/Auto/ D&O, Crime, Fiduciary, Prof'l Liability, Business Personal Property. The original Proposed Budget for 2024 allocated $1,630 for insurance. And then we amended it to be an increased expense of $50,000. There is no debate about the necessity for this coverage. My request is for a short summary of what we learned from trying to purchase this insurance, and what is driving the price- also if $50,000 is the amount we will spend in 2024, or is it a projection for 2025? Thanks!