Funding - what about the second year?

Jon,

>I just can't see it [lower fees] really happening.  

As several have pointed out, it has already happened in the European
registry's case.

>Usually, expenses grow to meet the available budget.  

In APNIC and RIPE's case, when you are responsible to a group of
individuals who are (to put it mildly) not particularly interested in
paying for more than they need, and the activities of the registry are
made public knowledge along with the budgets, it becomes somewhat of a
"challenge" to cause expenses to grow without approval.

Regards,
-drc