ARPAS continues to remain in a solid financial position with a significant balance in our investment portfolio. Our total revenue declined somewhat in 2018 due to slightly lower membership revenue, reduced corporate sponsorships, less ARPAS journal income, and lower investment income. We also saw a significant unrealized loss in our investment portfolio (which has recovered nicely as a result of gains in the first quarter of 2019). We were fortunate to incur lower administration and governance expenses, but these savings were more than offset by an increase in ARPAS journal expenses.
Looking at year-over-year trends for the last three years, we have seen a mild decline in regular ARPAS memberships and in corporate sponsorships. The latter is possibly due to industry consolidation, with donors less receptive to nonspecific requests for funding. We have also experienced continued rising costs in the production of our ARPAS journal since 2016.
The 2019 budget has been prepared with the support of our executive team. Costs have been projected from prior-year trends and include specific inputs from journal editor Beede regarding ways to address financial issues with the journal. The budget contains funding for a new social media editor and transition costs incurred with the renaming of our ARPAS journal. All other organizational expenses have been held constant or projected slightly higher (inflation related) than our 2018 budget. Unfortunately, given our projected income and expenses, the budget is projected to have a temporary shortfall, which will be covered by our investment reserves.
The Executive Committee in concert with the Governing Council will be discussing ways to grow our membership, increase corporate sponsorships, and reduce our journal expenses. We are excited about the changes in our ARPAS journal and hope it will bring renewed enthusiasm and authorship and increased revenue generation.