The budget for 2023-24, Option 1.5 as presented in the document BSC/68/5.3/01/Rev2 was adopted including the operative decisions presented in this document and summarised below. It was adopted by vote: 48 for, 1 against, 0 abstentions. - The agreed budget increases fees only for Capacity to Pay countries 3 & 4 by 5% in 2023, 1% in 2024 and reduces expenditure by 6%. The budget includes: ? A moderate change to the terms of Secretariat staff contracts to lower compensation. ? A moderate change to the research budget and move to biennial SC meetings from 2025 onwards. ? Virtual bureau meetings except at Commission meetings. ? Virtual pre-meetings for Commission meetings. ? Reduction of Commission meetings by 1 day. ? Bad debt provision reduction. NOTE: fee distribution and the level of contributions will need to be revisited at IWC69.