BUDGET AND DISBURSEMENTS. 4.01 The Board shall adopt a budget for the ensuing fiscal year(s) pursuant to procedures developed by the Board. At the conclusion of each fiscal year, the Treasurer/Controller shall make a report to the Board regarding the excess or deficiency of revenues over (or under) expenditures. Such report shall include “budget to actual” comparisons based upon the previously adopted budget. Upon receipt of the report, the Board shall determine what extent, if any, unexpended budgetary appropriations shall be re-appropriated or whether any excess of revenues over expenditures shall be allocated or expended.
BUDGET AND DISBURSEMENTS. Below is a summary of the total costs included in the CDBG Agreement (the “Budget”). Phase II Site Preparation and Infrastructure Budget Construction Scope of Work $3,500,000 Contingency 15% 525,000 Developer Management Fee 304,969 Civil/Construction Administration and Testing 79,196 Maintenance Bonding LOC 25,064 Section 3 Coordination 20,000 General Contractor Vertical Oversight and Coordination 5,500 Total $4,459,729 Sources Community Development Block Grant $1,700,108 Housing Bond Program Income 1,767,755 Dedicated Housing Fund, Includes Contingency 991,866 Total $4,459,729 Adjustments to the Budget up to 10% of the contract amount (including expenditure of the contingency) may be approved in writing by the Director of DCD, provided these adjustments do not extend the term of the contract or increase the total funding for contract activities. The Site Developer will submit monthly draw requests. Requests relating to Construction Scope of Work will include an approved Certificate of Payment for completed work on the site as specified in the Schedule of Values (Attachment F), a SDBE Subcontractor Report, a summary of Section 3 activity for the previous month and certified payrolls of the contractor and subcontractors. The City will fund draw requests within not more than 30 days: failure to do so will entitle Site Developer to suspend activities after ten (10) days further written notice to the City and, if applicable, to increase the Budget by damages incurred as a result of such action and/or costs required to resume work. Site Developer will submit on a timely basis all change order requests that are acceptable to Site Developer to the City for review and approval. The City will respond to such submission within one business day for change orders with a dollar amount of up to $25,000, and within two business days for change orders with a dollar amount above $25,000. Failure to respond within such periods shall constitute deemed approval of the requested change by the City. ATTACHMENT B
BUDGET AND DISBURSEMENTS. The Board shall adopt a budget annually prior to July 1st of each calendar year by a super majority vote. The Board may at any time amend the budget, by a super majority vote, to incorporate additional income and disbursements that might become available to the SFVCOG for its purposes during a fiscal year.
BUDGET AND DISBURSEMENTS. Both parties have agreed that the estimate for all costs, including but not limited to acquisition and renovation costs, is $[Insert dollar amount] (the “Approved Budget”). If agreed upon by both parties, Investor will open a checking account before closing and will deposit the Investment Contribution. Contractor will pay for renovations costs up to $[Insert dollar amount] prior to submitting for reimbursement. Contractor must submit a) signed contracts for materials and/or labor, b) all necessary material and/or labor lien waivers, and c) all necessary sworn statements prior to receiving any reimbursement.
