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Whereas, ICANN's bylaws require that the President shall prepare and submit to the Board a proposed annual budget of the Corporation for the next fiscal year;

Whereas, the President, with the assistance of the Finance Committee and the Budget Advisory Group, has followed an open and consultative process in developing the budget, including posting of a preliminary budget on 19 February 2001, posting of a proposed budget on 14 May 2001, submission of comments through an on-line comment forum, and a budget presentation and discussion at the ICANN Public Forum in Stockholm on 3 June 2001;

Whereas, the President has submitted to the Board a proposed budget prepared through that consultative process for FY01-02, commencing 1 July 2001 (the "Proposed Budget");

Whereas, the Board has reviewed the Proposed Budget and has found that its adoption is in the best interest of the Corporation;

Resolved [01.xx] that the Proposed Budget is hereby adopted as the annual budget of the Corporation for the fiscal year beginning 1 July 2001 (as adopted, the "Budget"); and

Further resolved [01.xx] that the President is authorized and directed to implement and carry out the Budget and is directed to inform the Board of material variances from the Budget.