Common use of Budget Adoption Clause in Contracts

Budget Adoption. On or before June 1st of each year, the Board shall, by approval of a majority of all members of the Board, adopt a proposed budget for the ensuing year. The budget shall include the total amount necessary for administrative expenses, operational expenses and capital expenses. The Board shall certify the budget on or before June 30th to the governing bodies of the Parties to this Agreement, together with a statement of the proportion of the budget to be contributed by each party. By July 15th of each year the Parties to this Agreement shall approve or object to the proposed budget and the parties’ financial contribution and give notice of its action to the Board. The budget shall be deemed approved in the absence of action by August 1st. Final action adopting a budget for the ensuing calendar year shall be taken by the Board on or before August 15th of each year.

Budget Adoption. On or before June 1st 30th of each year, the Board shall, by approval of a majority of all members of the Board, adopt a proposed budget for the ensuing year. The budget shall include the total amount necessary for administrative expenses, operational expenses and capital expenses. The Board shall certify the budget on or before June 30th to the governing bodies of the Parties to this Agreement, together with a statement of the proportion of the budget to be contributed by each party. By July 15th August 1st of each year the Parties to this Agreement shall approve or object to the proposed budget and the parties’ financial contribution and give notice of its action to the Board. The budget shall be deemed approved in the absence of action by August 1st. Final action adopting a budget for the ensuing calendar year shall be taken by the Board on or before August 15th of each year.