Budget Submission and Approval. Tourism Toronto shall adhere to the timeframes of the budget schedules for the annual operating budget process and shall submit to the Chief Financial Officer and Treasurer and to the Commissioner of Economic Development, Culture and Tourism an operating budget that includes all expenditures and revenues, both forecasted and actual, in a form acceptable to the Commissioners for review during the budget development and approval process. The Commissioner will submit the budget with recommendations to the Economic Development and Parks Committee for approval by the Policy and Finance Committee and City Council.
Budget Submission and Approval. (1) On or prior to the fifth (5th) Business Day preceding each “Anticipated Closing Date” set forth on Exhibit B, the Company shall provide to the Investors (i) a budget and operating plan for the Company (in each case, a “Proposed Budget”) for the month following such Anticipated Closing Date (the “Succeeding Month”). Such Proposed Budget shall in no event exceed (but may be less than) the “Total Anticipated Disbursement” for the Succeeding Month as set forth on Exhibit B.
Budget Submission and Approval
