Budget update

[Karl Matthews]

Hey team,

I have been looking at the budget and have attached an updated spread sheet for you all to have a look at. This is more based on actual quotes, all current quotes are marked orange. I have added a 20% growth column as this is what we are currently tracking for.

We have got quotes for;

- MPW Ute

- Centre camp/Kitchen Marquee

- Radios

- New container (still need a quote for delivery)

- Insurance (pending discussion on a separate thread)  

- Security

We are waiting on quotes for;

- Generators (I will have this very soon)

We need a revised quote for 

- Portaloos (Due to increased numbers)

I have taken $750 for a composting toilet demo out of the budget as it looks like that is going to have to wait for another year.

We have been tracking well with ticket sales and are positioned nicely going into the final week of tier two sales. We have currently sold 486 which puts us about 80 ahead of last year. Still got a long way to go, but based on historical averages we are looking at somewhere around the 940 - 950 mark.

we currently have around $55,000 sitting in cosmic + about 20k in the bank account. This means we have sufficient cash flow to cover all of our pre-festival expenditure. I estimate we will do about another 10k in ticket sales before Xmas.  

The projections are telling us that with 940 tickets sold our revenue will be around $125,000, leaving us with around $32,000 in the bank account by year end.

We are looking very good at the moment so lets keep our figures crossed for continued strong ticket sales!

There have been some requests for both budget extensions and capitol expenditure items which I will start separate threads for.

Keep up the good work.

Cheers

Karl

[Pete Wyatt]

excellent work Karl

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[Karl Matthews]

Actually do we have a quote for Medics?

Who is looking after this?

--

Karl Matthews

Kiwiburn Treasure

Gate Manager 

Festival Operations team 

kiwiburn.com 

[Hippie Tim]

Just saw this thread after replying in the other thread, oops! Will look through and reply soon.

[Wendy]

I vaguely recall Kathy or someone saying that we should try to have a float of around 25,000 through the year, so would that mean that we are tracking to have about $7,000 to spend on upgrades/new equipment etc?

[Wendy]

Also I think we need to consider that we're likely to be spending another $1500 on insurance if we go with the indemnity stuff.

[Karl Matthews]

I have just been quoted for generators.

- $700 + GST + Fuel

Bit of a saving there, we have $2000 set aside.

[Hippie Tim]

It's looking good, I will comment in the other thread about other expenditure.

[Karl Matthews]

Yes around $25,000 is the number, I would also reduce our tax bill in the event of a large cash injection.

I will update the budget tonight factoring in the indemnity insurance, the new generator quote and have add the fire backpacks (awaiting excom approval)

There have also been a couple of other requests for capital expenditure with I will add for discussion later today.  

[Wendy]

Just so everyone knows, I'm holding off on voting threads because I've heard from Jax that she's offline until her car gets sorted.  As soon as we hear from her that she's back, there's 2 or 3 things waiting for a vote.

[Albert Hopley]

Looks good and looks like we're on track for a good year (in both the fun and financial arena)

[Pete Wyatt]

currently the excom contribute $300 towards pegasol for the fire spinning, bearing in mind that we are a fire festival and are planning to do a bigger and longer fire show before the man burn, if ticket sales go well I would like to ask this be increased to $400

[Karl Matthews]

Hey guys,

I'm back with a revised budget from last nights.

I have added a couple of new line items - 2 x fire backpacks and indemnity insurance, These are in blue.

We have quotes for 

- MPW Ute

- Centre camp/Kitchen Marquee

- Radios

- New container (still need a quote for delivery)

- Indemnity Insurance 

- Security

- Generators

We are still waiting for quotes for 

- Medics (Who is looking after this?)

- Festival insurance

We need a revised quote for

- Portaloos

Lumos - I remember we do provide kero for this but it is not a line item in the budget. Do you remember if it has been directly paid for by Kiwiburn in the past or through another route?

With these adjustments at 20% we are still left with about $31,800 in the bank account.

And FYI Ticket sales have not slowed down at all as you would expect after the close of tier 2. We have sold 16 tickets in the last 3 days! We sold 8 in the entire week after tier 2 closing last year.

Things are looking good, lets hope it continues.

[Pete Wyatt]

I invoice and the pegasol is paid for by Kiwiburn, I don't know where the cost gets allocated to

[Karl Matthews]

Also there have been a couple of requests for capital expenditure items and budget extensions. I will raise them here to keep things central.

Capital expenditure

Kitchen Marquee - $300-400 - To be used as a cooking space so the main marquee can be used as a dining and hang out space away from the elements. We have looked at hiring but this seems like the best option given the expense involved.

Scaffolding - $500-600 - To be used on the Effigy this year and retained for future projects, would be about 5 meters worth.

Generator - $3000 - I can hear the gasps from across the Tasman, but hear me out! We have a site without power so it makes sense to invest in a reliable source of power. This generator will be a Honda 5.5 kva unit. Honda make the best, and most reliable generators. It will come with a 4 year warranty and will be able to provide reliable  240v power to our critical infrastructure during the event, and during set up. 

We will have a generator on site at all times for work weekends and the very start and finish of build and pack down. Last year I had to leave early with all the generators to Auckland, leaving the remaining crew on site without power.

This is an item the I can get with a very short lead time so it can wait pending ticket sales. We have already saved about $800 in the generator budget item and I can reduce that still if we decide to go with this option. 

I just want to introduce the idea to gauge reaction.

This is about $4500 in capital expenditure. 

Budget increases

Kitchen - $500 ($5000 --> $5500) - Poppy is trying to put together a budget of about $5 per person per day when you take into account the new equipment needed for this year. This would provide relief for her.

Fluffers - $300 ($500 --> $800) - To cover capital expenditure for setting up a new department.

$800 total. 

 

  

[Karl Matthews]

Lumos - I will add this as a line item tomorrow

[Pete Wyatt]

let me know how much scaffolding you are planning to buy as my neighbour had some to sell, when I suggested it to the excom a while back nobody was interested

[Karl Matthews]

About 5 meters worth

[Wendy]

Afaik medics would come under quotes from vendors, so whoever got the quotes from the other vendors would be responsible for this I'd have thought.

[Karl Matthews]

I would also like to move that we make a donation to the fire service for the service they provided last year (as we never actually made one), or increase our planned donation for the next event.

[Hippie Tim]

That's quite a bit of budget increase requests.

I don't think now is the time to be make major changes to our budget accept for those previously discussed and minor budget changes.

I see you mentioned kitchen marquee twice and am I little confused as to what the two different things are for? Can someone explain?

Things like the generator should wait until the end of this event and we can assess our bank balance and what other requests may come in. We can then prioritise and do this properly. Although I don't think it's a bad idea for us to have a generator I think that adding such a large expense now is not the most prudent thing to do.

The scaffolding would only be a $100-200 expense as Nico was planing on hiring the equipment and is happy to dedicate that part of the effigy budget to the task. This would mean rather than wasting around $400 on hire we would have something to use year after year.

Kitchen, sounds fine to me, feeding people is important.

Fluffers, I think it's probably best that fluffers make do with what budget is there for this year and perhaps treat it as a pilot? We can then discuss larger budgets next year when we do this again.

[Wendy]

I agree with Tim re: large spending over and above that already agreed to be left till end of year when we are looking to purchase assets to offset our tax bill.  This sort of spending is ideal for that.

Also agree about scaff and kitchen expenses.  Marquee does make sense.

I'd be interested to see a breakdown of projected setup expenses for fluffers.

Definitely agree that a donation should be made to the fire service, especially if it's something we said we'd do and haven't yet.

[Karl Matthews]

Poppy - can you please explain about the marquee, sorry if I didn't explain well.

Regarding the gene, I would like to review this again pre festival pending ticket sales. Remember we are not just adding a full $3000 to the budget, we have some room in the generator budget + I could increase it by not hiring one of the generator I was going to.

Also it would be good to have it to use for this festival. I think we can agree it is a good thing to buy.

Also how would we store it? Makes sense to have it there to store in the container.

Anyway, let's look again in 2 weeks.

[Ashleigh Easton]

Not included on this budget: baby wipes, tampons/pads, some op shop sunnies and hats, lollies, soda, cups.

For anyone who's never worked a volunteer build crew, fluffers can make the difference between having the worst time ever and feeling healthy and happy and appreciated.

I feel like an extra $300 is not much to ask to give our build volunteers a better experience... we do have a $100, 000 dollar budget guys.

the water jugs are here incase anyone is interested: http://www.mitre10.co.nz/shop/storage_shelving/plastic_storage/water_container_23_litre__180455/

	Fluffer budget
Qty	Item	Ea	Total
6	Water jugs	$24.95	$149.70
40	Ice	$3.70	$148.00
60	Chips	$1.50	$90.00
2	Sunscreen	$25.00	$50.00
1	Replace 1.6kg Electrolytes	$37.00	$37.00
1	Insect Repellent	$20.00	$20.00
			$494.70

[Wendy]

Thanks Ash.  And yeah, I agree that things like baby wipes and hats/sunnies etc should be included.  Happy to approve that bit.

On the gennie, I think revisiting in a couple of weeks is a good idea, and can see the sense in purchasing pre-festival if it's going to be purchased, but would like to see how our tickets track and budget looks after expenditure already discussed.  Should have a better idea in 2 weeks' time, yeah?

[Wendy]

Sorry, was unclear.  Happy to support the increase to fluffers budget.

[Albert Hopley]

Looks good to me, Ash.

[Albert Hopley]

Agree with Wendy here

[Hippie Tim]

I was slightly confused by the way it was written and saw it as an increase from $300 to $500-800 which made it seem rather weird. In light of new information it's not that bad.

Personally for the generator it's going to quite a bit of convincing to add such a large expense on without going through a full review of other expenses and needs we have for the next year. Viewing it in isolation without a a list of other priorities and requests makes it a bit hard. How much would it save us in hire costs this year?

[Karl Matthews]

I'm happy with gliders increase.

Yes we will have a better idea about things in to weeks. Let's talk again then.

[Karl Matthews]

Just about to start work, will message back about your message hippie, later in the day.

[Jax Watt]

Im kinda back. I'm getting rides into a reception area during the day so I can reply via my phone. I will look out for call to vote threads

[Wendy]

Thanks Jax! ;-)

[Jax Watt]

Karl, I emailed Paul requesting a medic quote but I have been having major issues with getting my emails through to him and he has mentioned he hasn't been receiving them. I will attempt to contact him again if there's no reply someone may need to ask him to check his junk box or something.

On 03/12/2014 10:51 pm, Karl Matthews <karldm...@gmail.com> wrote:

Hey guys,

I'm back with a revised budget from last nights.

I have added a couple of new line items - 2 x fire backpacks and indemnity insurance, These are in blue.

We have quotes for 

- MPW Ute

- Centre camp/Kitchen Marquee

- Radios

- New container (still need a quote for delivery)

- Indemnity Insurance 

- Security

- Generators

We are still waiting for quotes for 

- Medics (Who is looking after this?)

- Festival insurance

We need a revised quote for

- Portaloos

Lumos - I remember we do provide kero for this but it is not a line item in the budget. Do you remember if it has been directly paid for by Kiwiburn in the past or through another route?

With these adjustments at 20% we are still left with about $31,800 in the bank account.

And FYI Ticket sales have not slowed down at all as you would expect after the close of tier 2. We have sold 16 tickets in the last 3 days! We sold 8 in the entire week after tier 2 closing last year.

Things are looking good, lets hope it continues.

On Wed, Dec 3, 2014 at 4:44 PM, Pete Wyatt <lum...@gmail.com> wrote:

currently the excom contribute $300 towards pegasol for the fire spinning, bearing in mind that we are a fire festival and are planning to do a bigger and longer fire show before the man burn, if ticket sales go well I would like to ask this be increased to $400

On Wed, Dec 3, 2014 at 12:16 PM, Albert Hopley <ajho...@gmail.com> wrote:

Looks good and looks like we're on track for a good year (in both the fun and financial arena)

On 03/12/2014 9:35 am, "Wendy" <tat...@gmail.com> wrote:

[Jax Watt]

I agree with both Tim and Wendy

[Jax Watt]

Me too :-D

[Poppy Norman]

Just at work so will respond this afternoon.

[Poppy Norman]

Kitchen Marquee: At the moment we have $1000 in the budget for Marquee hire, this is to pay for kitchen marquee/s and centre camp. Due to the increase in the size of the kitchen we need more space and one marquee just isn't enough. So I would like to hire Andreas' stretch tent for $1000 (insanely good deal for such a good tent for such a long time) and use that as the dining area for crew then as centre camp during the event. I would like an additional $400 to purchase a marquee (likely to be similar to what Bex used this year for Paddock Support) to use for the actual kitchen. 

Kitchen Food & Equipment: Long story short - $5000 is not enough money to feed the amount of people we have to and buy all the equipment we need. An extra $500 would make a massive difference. 

Generator: I am strongly in favour of purchasing a generator before this years event. Ticket sales are strong, the bank account is looking really good. Honestly I would prioritise this ahead of building a new depot, although I think we can afford both. Its insane that we do not have our own generator, the only reason we haven't had to purchase one in the past is because of Karl's awesome old work that hook us up year after year not only with extremely cheap generators but all the cables we need. We have a $100'000 budget and we rely massively on peoples own resources and connections waaaay to much. We can afford to buy our own shit so lets start doing that. 

Scaffolding: "The scaffolding would only be a $100-200 expense as Nico was planing on hiring the equipment and is happy to dedicate that part of the effigy budget to the task. This would mean rather than wasting around $400 on hire we would have something to use year after year." Hippie are you able to clarify what you are saying here? Do you mean that KB should pay for part of buying it and Man should pay for part of it? 

Fluffers: Having someone who cares about how you feel (and having the resources to do it) makes a massive difference when volunteering. $300 is bugger all in the scale of things.

Fire Service Donation: I think we should increase our donation to them for this year to cover for the lack of donation for last year? Is this already in the budget (can't look myself as I am on my phone)?

[Karl Matthews]

We have received the Medics quote!

This means we have received quotes for all of our critical infrastructure pending our liability insurance quote. Nice work team.

I am generally in support of all proposed extra spending.

Poppy - we do have a fire service donation in the budget for $300.

A quick note on on the generator proposal.

The way I am working the power hire this year is to only hire two portable genes (a 4.5kva and a 2.2kva) because it doesn't seem like we need the big unit that I hired last year. Especially with Lumos doing his solar project, and Effigy and Temple being self sufficient.

These are being hired to me at mates rates of $350 + gst each for the whole time. I will also have access to other equipment like leads, plug boards, lights etc. Usually they would be $1200 each for the month we will have them.

We have $2000 set aside for generator hire and fuel. I estimate we will use $200- 300 in fuel.

So you can see a problem here... If I cant be part of this festival anymore, for whatever reason, Kiwiburn is looking a huge bill for generator hire, if you cant find another good hook up (entirely possible I know).

So this purchase is a good one.

If I only hire one of the generators and buy a new one we arr only paying 350 + gst in hire plus $200- 300 in fuel which we have to pay no matter what. This leaves about $1300 left in the generator budget, almost half of what we need. So effective we are only spending $1700 in 'new expenditure.'

Also I would like to point out that that way ticket sales are going right now 20% is a slightly conservative projection. It is probably closer to 23%. 

I think if anything we should be looking at buying a second generator after the event, so we can start providing more infrastructure for the temple and effigy projects. 

Anyway I am more than happy to let this sit for another couple of weeks and re visit it when we have more of a gauge on how third tier is going. FYI it has started great.

Just a few thoughts to ponder.

I will go through a full break down of the budget over the weekend and highlight where we are spending more and where we are saving.

Here is todays budget with the medics quote included for your viewing pleasure.  

[Karl Matthews]

Another note on the generator thing.

Last year, the equipment I bought down was worth $3800. We got it for $1200.. this shit is expensive.

Just saying.

[Pete Wyatt]

yes, good point Karl, good generators are expensive and at commercial rates it would be worth buying ours

[Hippie Tim]

I'm not arguing that it's a bad idea to get a generator just that this is not the right time to be considering such a large expense.

Karl, I'm not sure after reading all that how much we would save this year if we bought our own before the event and thus not have to hire one, what is that specific number?

Poppy, yes the scaffolding is proposed to be a split cost between effigy and us with the majority being paid out of effigy budget (around $450 off the top of my head, but would need to confirm with Nico) with the total cost of the scaff being $500-600, so in real terms it's an expenditure over and above what is already happening of around $150. I'll check with Nico tomorrow when I see him and confirm this.

[Karl Matthews]

Got to go to work. will respond in a few hours.

Not sure how to explain this better to you. Does anyone else not understand? 

I will try again later.

[Karl Matthews]

If you read the email again I very specifically point out the numbers.

But I will try and format it different next time.

[Wendy]

I understand, and based on what I've read here I would support the purchase of a new genny before the event if ticket sales show we can do it comfortably after the other priorities have been sorted.

[Jax Watt]

If its going to save us money in the long run, I'm all for it. Sometimes you have to spend money to save money.

[Albert Hopley]

I agree with Wendy and Jax

[Karl Matthews]

Ok I'll try this again.

Generator + Fuel budget = $2000

If we don't buy a generator pre event;

$805 inc. GST for 2 Generators + est. $300 fuel = $1105

Saving - $895

If we do buy a generator pre event

$402.50 inc. GST for 1 Generator + est. $300 fuel = $702.50

Saving - $1,297.50

With the generator the total budget for generators and fuel will be;

$3000 + $702.50 = $3702.50

$1702.50 over budget.

[Pete Wyatt]

looks good to me Karl, lets buy it

[Karl Matthews]

I would still like to wait a couple of weeks at least.

[Wendy]

I suspect the extra budget expenditure may have to be approved with a vote.  Perhaps individually, depending on the level of agreement we can reach prior to that.

[Karl Matthews]

Hmm ok, think I would still like to vote on the generator as it is a pretty big expense.

Here is a new spread sheet with the extra spending included.

With 20% growth we are still looking at $29,500 in the bank at the end of the year.

With 10% we are looking at about $23,000, which is still enough to cover our pre festival operating costs for the 2016 event.

Interesting stuff.

​

 2015 Kiwiburn budget - Dec 5

​

[Wendy]

Really we should vote on all of it.  To me it seems sensible to group things that we are in general agreement about for efficiency, but it looks like the gennie may be contentious so I'll def call that one separately, and any others that people recommend being voted as individual items.

[Hippie Tim]

I think where my confusion is coming from is that the real savings is $402.50 inc GST because the rest of the budget isn't planed to be used if we don't buy the generator, it would still be available to use after the event.

I'm on the fence as to whether it's a good idea or not to do this before the event or wait until we can look at a bigger picture.

How much would the planed donation to the fire fighters be? I'm assuming about $1000 a year so $2000 total?

My "back of an envelope" calculations reckon that the budget as linked above is missing about $3100 if we approve all of the extra expenditure (not counting fire fighters donation) which with the 20% growth projections would leave us with a profit of just under $7000.

I'm a rather fiscally conservative person and if this were my own business I wouldn't sweat loosing $400 to be able to make a decision based on real information rather than projections. Festivals are a funny game and of we get a forecast for really shitty weather in the weeks leading up to the event it could cost us a few grand.

On the other hand it sounds like a new generator would make things easier as people may be on site longer than Karl can be??

Anyway those are my thoughts.

[Karl Matthews]

The donation is in the budget

[Karl Matthews]

Did you even look at the budget? I have addressed everything already

[Hippie Tim]

Yep I did and saw things missing, but just saw the donation line.

The  $3100 figure I came to from:

$350 extra for scotty packs rather than plastic ones

$1750 for new genny

$500 extra for kitchen (on looking again though it was added in the last column and I missed it)

$400 for kitchen marquee

$200 for scaff

I missed off this list $400 for the pegosol that Lumos requested.

I'm not trying to nitpick though I did a rough guesstimate to get a feel for things myself.

[Pete Wyatt]

I only asked for an increase from $300 to $400, not sure where in $300 was usually hidden in the budget

[Karl Matthews]

Yeah not sure either, might have to ask Kathy about that one.

[Karl Matthews]

Should we make the fire service donation $1000

[Albert Hopley]

What did we promise them and did we end up giving them something for the last kiwiburn?

[Albert Hopley]

Just a thought on the genie, has any thought been given to the possibility of renting it out for other kb related events etc., I know we've (speaking from my sound camp point of view) needed to do this from time to time and I'd rather give the rental money to kiwiburn... This could help cover the cost of buying one

[Karl Matthews]

I've thought about things like this often Hops, and in theory I agree. However It opens up a new area of of hassle and work that on balance doesn't seem worth creating, or anyone is in the position to handle yet.

It is just so much easier to leave it in the container and have it ready to go for when ever we need to use it. Then we don't have to worry about it being broken or misused.

If you would like to propose a way in which you would like to handle something of this nature than I for one would be interested in considering it, but really it does seem to be in our best interest to keep it safe.

Anyway, lets not get to ahead of ourselves here, we still haven't decided whether we are going to buy it yet.

I like the way you are thinking though Hops!

[Albert Hopley]

Cool, will have a think about how this could be managed and if we can pay for it or subsidies it's purchase then it makes the decision easier, IMO.

[Karl Matthews]

Hey guys,

I have been looking at the budget again today and have attached an updated spread sheet. This is a draft budget that takes into consideration all of the budget requests that have been requested and not voted on yet. It is just to give you a sense of what we would be looking at if we approved all extra spending.

Now that we have our insurance quote we have the final piece in place in terms of quotes for critical infrastructure, so well done everyone!

The ops team had a meeting on Friday and we have decided to not go ahead with a full Depot rebuild this year. Instead we are requesting $500 to improve the existing structure. We feel that there should be sufficient enough space for another year. The improvements are necessary as we intend to keep using the structure as a second office into the future.

So that eases a little pressure on the budget.

So far we have these spending requests:

Budget increases:

- Kitchen - $500 ($5000 --> $5500)

- Fluffers - $300 ($500 --> $800)

- Fire spinning fuel - $100 ($300 --> $400) - Now its own line item 

Non-request:

- Portaloos - $1000 ($8000 --> $9000) - Likely to increase due to high numbers. 

Total - $1900

Capitol Expenditure:

- Generator - $3000

- Fire fighting packpacks - $400

- Depot upgrade - $500

- Kitchen Marquee - $500

- Scaffolding - $400 aprox.

Total - $4800

So there is an extra $6700 there in extra spending

We do have some areas in which we are saving space:

Depot rebuild - $3500

Demo composting toilet - $750

Generator budget - $1300 - $1700 (depending on whether we buy a generator).

That's $5550 - 5950.

With the way the budget is now we are looking at about $31,000 in the bank account at the end of the year, a profit of $8000.

Just fyi, we will be making our first withdrawal from Cosmic next week. We have almost $60,000 in Cosmic at the moment so we will be able to pull out about $30,000 which will more than cover us for out expenses before we can pull out all the money post event.

Interesting stuff, we are looking like we will have a really nice year money wise and maybe some cash to spend before the end of the financial year.   

[Pete Wyatt]

I don't see the attached updated spreadsheet but happy looking at the list of changes.

Personally I prefer to buy the generator rather than continued rentals

are we all good with the current tools situation ?

looks pretty good, thanks for all the hard work Karl

[Karl Matthews]

Whoops!

Attached here.

[Hippie Tim]

It makes more sense with dropping the depot in favor of the generator rather than both.

I've been thinking about this quite a bit this week and I have a feeling we're going to have to do some expensive learning next year and was going to a write a long email about my thoughts, but you can all breathe a sigh of relief that I've decided it's best to discuss at the next summit then bring up now.

Let's hope for great weather and even better attendance and rock on in to it.

[Wendy]

I support the spending as outlined in the email from Karl above.

Karl, when do you need the official decision by?  Just wanting to know how long to leave this thread for comment before voting.

[Karl Matthews]

Maybe until the end of the week Wendy?

We have just got the revised quote for portaloos and there is a significant increase from $9000 to $10,500 so we will have to take this into account. I will update the spread sheet tonight.

[Wendy]

Sweet, I'll put it in my calendar to call the vote on Friday.

[Karl Matthews]

We have received the revised quote for extra portaloos to cope with the extra number projected.

The quote is $10,500 up from $9000. Which is now way over the $8000 originally budgeted. 

So now we are looking at:

Budget increases:

- Kitchen - $500 ($5000 --> $5500)

- Fluffers - $300 ($500 --> $800)

- Fire spinning fuel - $100 ($300 --> $400) - Now its own line item 

Non-request:

- Portaloos - $2500 ($8000 --> $10,500) 

Total - $3900

Capitol Expenditure:

- Generator - $3000

- Fire fighting packpacks - $400

- Depot upgrade - $500

- Kitchen Marquee - $500

- Scaffolding - $400 aprox.

Total - $4800

Grand total - $8700

I have attached a revised budget spread sheet.

Now we are looking at $29,892 at 20% growth

And $23,531 at 10% growth.

[Karl Matthews]

Hey guys,

Where getting close now! The first lot of troops will have hit the paddock this evening and I will be joining them tomorrow. Money is being spent all over the place so I thought I would post a short budget update.

Not much has really changed, there have been a couple of small budget run overs but nothing to dramatic so far.

We received $32,327 from Cosmic just before Christmas to top up the bank account.

The new generator has been bought and is now on site and I finally got an invoice for our first $8,000 site use payment, so that has been paid. As soon as I receive the invoice for the insurance I will pay that too.

We are still looking good for a reasonable cash surplus at the end of the festival.

On Tue, Dec 16, 2014 at 11:42 PM, Karl Matthews <karldm...@gmail.com> wrote:

Thanks Kathy,

I was being very lazy last night, and yes that is much better wording. I will up my game on the financial lingo, might trick more people into thinking I know what I'm doing. I will have another go tomorrow when I do another update.

Cheers!

On Tue, Dec 16, 2014 at 6:13 AM, Kathy Guidi <kag...@gmail.com> wrote:

Look how easy it is to spend money!!  I will be surprised if anyone disputes the additional expenses and most of them seem warranted.  Good job.

One thing about your verbiage:

"Now we are looking at $29,892 at 20% growth;  And $23,531 at 10% growth"

While those numbers are what we project to have in cash post-festival at those growth numbers, I think a more clearer and professional way to summarize is as follows ----

"At 10%(861 attendees) and 20% (940) growth, the expected Net Cash Movement BEFORE TAX is .$381 and $9202 respectively.   Basically, we will break even with the additional expenditures with 10% growth, and have a cash surplus at 20% growth.    We started the year with approximately $22,000 in the bank, so we are still looking at a healthy bank balance even if we implement all additional expenditures."

I think it is always best to be as clear as possible as to what's the projected scenario as many people will not look at the spreadsheet nor will they necessarily understand how to interpret.

One other thing -- if you implement all expenses and then something goes awry,  there is always the $5000 travel/excom summit expense that would not need to be spent post-festival.  You also have the $2000 'misc' budget item as another cushion which is good.

Lastly,  looking at the 'net cash movement before tax' number -- this is going to be the important number to look at in February once all expenses are logged and you/Laura's goal will be to get everything into Xero by end of February and be able to report preliminary numbers to the ExCom by March 1st.    That gives the ExCom about 1 month to authorise any additional spending for this fiscal year and to help minimise any tax burdens.   For instance, if the NCMBF (net cash movement before tax) is $9000, then at 33% corporate tax rate, we are looking at paying the government around $3000 in taxes.    For every dollar that we spend before the end of the tax year then, we'd save ourselves $.33 in tax.     This is where prudent financial management and understanding what's happening is important.   But none of this needs to be talked about just yet.   I will help you guys in February if you need it and we can review the year end processes together.

Viva la Kiwiburn!  Looking to be a good year.our