Common use of Budget Development Clause in Contracts

Budget Development. (a) Team San Jose’s budget for the CVB Services will be developed and approved concurrent with City’s budget cycle. City agrees to make all serious and reasonable efforts to provide Team San ▇▇▇▇, on or before February 1 of each Fiscal Year during the Term of this Agreement, with an estimate of projected Transient Occupancy Tax Revenues and an estimate of projected General Fund Revenues that City anticipates will be allocated to Team San Jose’s activities by City in the succeeding Fiscal Year (collectively “Revenue Forecast”). (b) On or before March 1 of each Fiscal Year, Team San ▇▇▇▇ shall deliver to the City Manager’s Budget Office a proposed budget (“Proposed Budget”) in a form reasonably acceptable to the City, and at least as detailed as the form of Approved Budget set forth in Exhibit C, for the following Fiscal Year, which Proposed Budget will include: a. Team San Jose’s revenue projections for CVB Services from the private sector for the following Fiscal Year; b. Detailed expenditures for marketing, personnel, and non-personnel expenditures for each core service and strategic support service of Team San ▇▇▇▇ for the following Fiscal Year; 133\889008.7 − 8 − c. Comparisons by category of the proposed budget for the following Fiscal Year to the estimated expenses for the then Fiscal Year and to the actual expenses for the previous Fiscal Year; d. Performance Measures that include actual performance for the previous Fiscal Year, projected performance for the current Fiscal Year, and targets for the following Fiscal Year. Team San ▇▇▇▇ may also submit to City, at the time it submits its Proposed Budget, any supplements or augmentations that it recommends for additional opportunities to provide additional services to achieve the objectives under this Agreement. After final TOT estimates are provided to Team San ▇▇▇▇ City and Team San ▇▇▇▇ will work collaboratively to arrive at a final proposed budget; however City resources (Airport funding, General Fund, and TOT) allocated to Team San ▇▇▇▇ for CVB Services shall be determined solely by the City Council.

Budget Development. (a) Team San Jose’s budget for the CVB Services will be developed and approved concurrent with City’s budget cycle. City agrees to make all serious and reasonable efforts to provide Team San ▇▇▇▇, on or before February 1 1st of each Fiscal Year during the Term of this Agreement, with an estimate of projected Transient Occupancy Tax Revenues and an T-26492.001/1086127 133\1043977.14 estimate of projected General Fund Revenues other revenues that City anticipates will be allocated to Team San Jose’s activities by City in the succeeding Fiscal Year (collectively “Revenue Forecast”). (b) On or before March 1 1st of each Fiscal Year, Team San ▇▇▇▇ shall deliver to the City Manager’s Budget Office a proposed budget for the following Fiscal Year (“Proposed Budget”) in a form reasonably acceptable to the City, and at least as detailed as the form of Approved Budget set forth in Exhibit C, for the following Fiscal Year, which Proposed Budget will include: a. (1) Team San Jose’s revenue projections for CVB Services from the private sector for the following Fiscal Year; b. (2) Detailed expenditures for marketing, personnel, and non-non- personnel expenditures for each core service and strategic support service of Team San ▇▇▇▇ for the following Fiscal Year; 133\889008.7 − 8 −; c. (3) Comparisons by category of the proposed budget for the following next Fiscal Year to the estimated expenses for the then Fiscal Year and to the actual expenses for the previous Fiscal Year;; and d. (4) Performance Measures that include actual performance for the previous Fiscal Year, projected performance for the current Fiscal Year, and targets for the following next Fiscal Year. Team San ▇▇▇▇ may also submit to City, at the time it submits its Proposed Budget, any supplements or augmentations that it recommends for additional opportunities to provide additional services to achieve the objectives under this Agreement. After final TOT estimates are provided to Team San ▇▇▇▇ ▇, City and Team San ▇▇▇▇ will work collaboratively to arrive at a final proposed budgetProposed Budget; however however, City resources (Airport funding, General Fund, and TOT) allocated to Team San ▇▇▇▇ for CVB Services shall be determined solely by the City Council.