Budget Cycle Sample Clauses
The Budget Cycle clause defines the process and timeline for preparing, reviewing, and approving budgets within an organization or agreement. Typically, it outlines the frequency of budget submissions (such as annually or quarterly), the parties responsible for drafting and approving the budget, and the steps for making adjustments if necessary. This clause ensures that all parties have a clear understanding of how financial planning will be managed, promoting transparency and accountability in the allocation and use of resources.
Budget Cycle. The budget cycle of Northern Tier is one calendar year.
Budget Cycle. The budget cycle of the Program shall be on a calendar year basis.
Budget Cycle a. The Parties agree that the Budget cycle will be organized as follows: Deadlines Item 1 Jan Start of Fiscal Year (FY) 31 Jan Parties’ First Semester Shares due. 28 Feb Compt. pays HN 31 Mar Compt. submits previous Year-end report to the PMSC. Compt. submits interim Status of Payment s of Parties report to PMSC Meeting 31 Mar First quarterly report to the PMSC 15 Apr Compt. sends a call for shares due to the Parties 30 Jun Parties’ Second Semester Shares due 30 Jun Second quarterly report to the PMSC 31 Jul COMMPFSEE submits the proposed budget to PMSC for directives and recommendations 15 Sep PMSC meeting approves the budget and submits it to the Ministers 30 Sep Third quarterly report 31 Oct Ministerial meeting approves the next year budget 15 Nov Compt. sends a call for shares due to the Parties 31 Dec End of Fiscal Year
b. Along with the quarterly reports, the COMMPFSEE is responsible for submitting requests to the PMSC for re-allocation of funds.