CERF Incorporated announced its Board of Directors has approved an initial 2015 capital budget of $7.3 million, a 65% reduction from 2014 after normalizing the recently acquired Winalta Inc. CERF intends to finance its 2015 capital expenditure budget from operating cash flows. CERF's 2015 capital budget represents a small portion of its free cash flow, with approximately $3 million of the $7.3 million capital budget being allocated to growth activities, allowing the company to protect its balance sheet while maintaining service levels for its customers.