Page 22 - 2020 Annual Reports Book updated1_Neat

BUDGET COMMITTEE REPORT

The AMT Budget Committee met at the AMT National Office in Rosemont, Illinois on October 24, 2019. The
meeting convened at 1:00 p.m. The committee was composed of Ken Hawker, AMT Treasurer and Chair;
Jeannie Hobson, AMT President; Chris Seay, AMT Vice President; Annette Cook; and Charlene Lynch. The
committee was assisted by Chris Damon, AMT Executive Director and Kathy Cilia, AMT Deputy Executive
Director and additional members of the AMT staff as needed.

The committee was presented with three budget options that had been prepared by the AMT staff. After
extensive discussion and adjustments to the budget options the committee voted to present a budget to the
AMT Board of Directors that included the following:

1. It was voted to recommend a dues increase, effective March 1, 2020 as follows:

a. Members who currently pay a $90 annual fee will be increased to $95.
b. Members who currently pay a $50 annual fee will be increased to $60.

These increases are the first annual dues increases by AMT in approximately ten years, are reflective of
increased costs and will enable AMT to continue expanding services to its members. It is noted that this
increase reflects an increase of equal to or less than 1% per annum since the last rate increase. This
proposal was adopted by the AMT Board of Directors on October 25, 2019.

2. The budget predicts an annual income for Fiscal Year 2020 of $8,894,909.

3. The budget predicts an annual expense of $8,410,771.

4. The budget reflects an estimated 5% cushion between income and expenses of $484,138
which is in line with sound budgeting principles.

This proposed budget was presented to the AMT Board of Directors for consideration, adjustment and
adoption at their Fall 2019 meeting at the Hyatt Place Hotel in Rosemont, Illinois on October 25, 2019.
The Budget Committee adjourned at 4:00 p.m.

The AMT National Board of Directors adopted the proposed budget at their meeting on October 25, 2019.

The members of this committee wish to thank the AMT Board of Directors, and the members of AMT, for
the privilege of serving AMT in this capacity. Kenneth Hawker, MT – Treasurer

Jeannie Hobson, RMA, RPT, CMAS, AHI – AMT President Kenneth Hawker, MT – Treasurer

Chris Seay, MT(AMT) – Vice President Charlene Lynch, RMA(AMT)

Annette Cook, MT (AMT)