Friday, October 06, 2006

September NEC - Finances

The September NEC lasted seven and a half hours and covered a wide range of issues including our submission on Party financing (conference expenditure, keep the Trade Union link, a bit more state support), Clare Short, conference arrangements and crucially our financial position.

Without going into too much detail, we have been basing our expenditure on the anticipated high value donations coupled with borrowing to fight elections and not making provision to repay the loans.

Such a course of action could only end in tears – and it has.

The new General Secretary however, appears to have the situation under control and we are budgeting on the basis of the income we feel we can rely on – membership and Trade Union subscriptions.

Any extra income will obviously be a bonus.

The NEC has had to take steps to get expenditure and income matched and it’s heartbreaking to see so many of our loyal staff have to go on the voluntary severance scheme. Hopefully we now have a stable position to grow from.

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