Docstoc

NR 05-22 ZER ENG Zero Based Budgeting

Document Sample
NR 05-22 ZER ENG Zero Based Budgeting Powered By Docstoc
					     Our Mission: “Inuit Economic, Social and Cultural Well-being Through Implementation of the Nunavut Land Claims Agreement”


                                     NEWS RELEASE


NR 05-22 ZER ENG – For Immediate Release


NTI Moves to Zero-Based Budgeting Process
                                                                                                           st
(June 8, 2005 –Cambridge Bay, Nunavut) Nunavut Tunngavik Inc. 1 Vice-President and
Vice-President of Finance James Eetoolook announced today the NTI Board of Directors
unanimously passed a resolution directing the organization to adopt a zero-based budgeting
process effective fiscal 2006/07. The Board passed the resolution during their quarterly board
meeting in Grise Fiord last week.

“Our primary goal in moving to zero-based budgeting is to ensure that Inuit money is well
managed,” said Eetoolook. "We are clearly demonstrating to Inuit that NTI is extremely
responsible with our finances, and that we are committed to developing and maintaining a
solid plan for managing our budget and other financial affairs,” he said.

Zero-based budgeting examines all expenses from the perspective of whether the program,
activity or item to which the expense is attached is required, and to what extent should it be
funded. Traditional budgeting generally accepts the funding levels of prior periods and builds
upon them. This results in a tendency for budget levels to increase each year.

Annual assessments of the zero-based budgeting process will be conducted by NTI to ensure
the new system is operating properly. Necessary adjustments will be made accordingly.

“The zero-based budgeting process will also be coordinated with NTI’s strategic plan to
ensure that the organization remains focused on its mandate under the Nunavut Land Claims
Agreement,” explained Eetoolook. “We are doing everything we can to streamline NTI to
better meet the needs of the Beneficiaries we serve.”

The resolution also recommended the Regional Inuit Associations and the Inuit Heritage
Trust adopt a zero-based budgeting process by fiscal 2007/08. Further, the Board directed
NTI President Paul Kaludjak to communicate this request to the other organizations, and to
report back to the Board during the September 2005 quarterly Board meeting as to whether
they agreed to adopt the process.



                                                                  -30-
For further information:

Kerry McCluskey
Director of Communications
Nunavut Tunngavik Incorporated
Tel: (867) 975-4914
Cell: (867) 975-1337
Toll-free: 1-888-646-0006
kerry@tunngavik.com
www.tunngavik.com




          N T I N e ws R e l e a s e s a r e p o s t e d t o o u r we b s i t e : h t t p : / / w w w . t u n n g a v i k . c o m

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:4
posted:4/4/2013
language:English
pages:1