As treasurer, Mr. Dean reported that the current income fiscal year to date totals $11.5 million and expenses are at $11.9 million. Expenses have not come down as quickly as expected, as people are renewing their Good News subscriptions at a higher rate than we anticipated—mostly in areas outside the U.S. However, our financial situation is a lot better than what it was a few months ago.
We expect that gap to continue to narrow so that our expenses come in line. We are putting together a balanced budget for our forthcoming meetings.
There has been no development on the sale of the Texas property. Financial reports at the GCE will have a slightly different layout, to be more easily understood and will include projected cash flows.
Mr. Dean expressed his thanks to our employees for the financial hit they had to bear to help balance the books, and thanked the members for the special offering, which is now in excess of $730,000.
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