Adoption of Annual Budget. The Annual Budget and any amendments to the Annual Budget shall be prepared and approved in accordance with this Section 5.1(c).
Adoption of Annual Budget. The annual budget of Metro-INET must be adopted in the following manner:
Adoption of Annual Budget. At least sixty (60) days prior to the beginning of each Fiscal Year, SCPPA will prepare, or cause to be prepared, and submit to the Participants, a proposed Annual Budget for such Fiscal Year. Such Annual Budget shall reflect the most recent Contract Costs estimates and other information provided to SCPPA. SCPPA may include in the Annual Budget reasonable amounts in excess of the estimated Contract Costs to be collected as an operating reserve to ensure that SCPPA may timely pay all Contract Costs. The Project Participants may submit to SCPPA, at any time until the Annual Budget is adopted, any matters or suggestions relating to the proposed Annual Budget. The Board of Directors shall adopt the Annual Budget not less than ten (10) days or more than sixty (60) days prior to the beginning of such Fiscal Year and shall cause a copy of such adopted Annual Budget to be delivered to the Participants. During any Fiscal Year, upon 10 calendar days’ notice to the Participants, the Board of Directors may adopt an amended Annual Budget for and applicable to the remainder of such Fiscal Year. The Annual Budget, and not actual Contract Costs, shall establish the basis for Billing Statements to the Project Participants pursuant to Section 7 of this Agreement.
Adoption of Annual Budget. On or before the first day of August next preceding each Fiscal Year, the District shall finally adopt the Annual Budget for such next succeeding Fiscal Year.
Adoption of Annual Budget. Upon receipt of the requisite information from Provider, Owner and the Asset Manager shall be responsible for preparing the Facilities operating budget (the “Annual Budget”). Provider shall use commercially reasonable efforts to assist and facilitate the creation of such Annual Budget and provide reasonable input to Owner and Asset Manager as needed. On or before October 1st of each year, Owner shall cause Asset Manager to prepare and submit to Owner for Approval a draft Annual Budget. The Annual Budget shall show for each month of the following calendar year projected revenues and operating costs. Owner shall have thirty (30) calendar days to review such proposed Annual Budget and may, upon written notice to Asset Manager and Provider, propose changes, additions, deletions and modifications thereto. The Owner shall make reasonable commercial efforts to Approve the Annual Budget on or before November 30th of each calendar year. If Provider does not agree with any of the changes proposed by Owner, then the Parties will meet and work in good faith to agree upon an Annual Budget. Once the Parties are in agreement, copies of the Annual Budget shall be approved in writing by both Parties. Once approved, the Annual Budget shall remain in effect throughout the applicable Operating Year, subject to such change, revision, amendment and updating as may be proposed by either Party and consented to in writing by the other Party. Owner’s approval of the Annual Budget shall serve to authorize the Provider to make all expenditures for the purposes and within the limits thereof; subject to the limitations of Section 2.4.1.10 of this Agreement. The expenses pertaining to the Facilities incurred by the Owner and payable by the Provider out of funds of the Owner shall not exceed the Annual Budget, unless authorized by the Owner, except under such circumstances deemed by the Provider as emergencies or out of the control of the Provider. In the event of such emergencies, the Owner shall be notified as soon as possible.
Adoption of Annual Budget. Not later than 15 days before the expiry of each financial year after the date of this Agreement, having consulted with the Lead Sponsor, the Board shall use their best efforts to approve and adopt the draft annual budget and business plan (with those changes as the Board may approve) as the Annual Budget for the Group in respect of the next financial year of the Group.
Adoption of Annual Budget. 6 5.5 Reports .........................................................................................................................7 5.6
Adoption of Annual Budget. The Authority shall adopt the annual budget for such calendar year (hereinafter referred to as the “Annual Budget”) in a manner and time frame in accordance with State law, but shall attempt to do so on or before the tenth day of November, next preceding each calendar year. A copy of the Annual Budget shall be filed with each Member and with the Division of Local Government within the Department of Local Affairs, State of Colorado.
