In his report to the board Tuesday morning, the Financial Consultant, Cedric Flowers, explained the status of the budget as of October 2004, and the mechanisms through which the availability of the financing for 50% of the raise was realized. This included starting with a zero-based budget, the setting of targets for revenues, and close monitoring and management of expenditures by the Acting Chief Financial Officer, supported by administration, faculty and staff. The increases will be made payable to faculty and staff on December 13, 2004.