WHEREAS the Canadian Bar Association established a Reserve Fund in 1992 equal to six months' budgeted expenditures;
WHEREAS at the 1998 Annual Meeting in St. John's, Council reduced the Reserve Fund target level to four months' budgeted expenditures;
WHEREAS a Sub-Committee of the Finance Committee was charged to consider whether the level of four months budgeted expenditures is adequate;
WHEREAS the Sub-Committee has considered the size and nature of CBA operations, sources and timing of revenues, fixed costs, program commitments, priorities and future needs;
WHEREAS there have not been adequate resources available to fund a Contingency and Capital Fund through annual allocations from Membership Fees, as directed by Council at the 1999 Annual Meeting in Edmonton;
WHEREAS the Financial Reserve Fund is a critical asset of the Association to maintain for future financial security;
BE IT RESOLVED THAT Article 44 of CBA By-Law No. 1 be amended so that the Financial Reserve Fund be maintained at an amount equal to six months' budgeted expenditures (rather than four months).
Certified true copy of a resolution carried by the Council of the Canadian Bar Association at the Annual Meeting held in Saskatoon, SK, August 11-12, 2001.
John D.V. Hoyles
Executive Director/Directeur exécutif