Budget Tracking Clause Samples
The Budget Tracking clause establishes a process for monitoring and managing the financial expenditures associated with a project or agreement. Typically, it requires regular reporting of costs incurred, comparison against the approved budget, and notification if spending approaches or exceeds set limits. This clause ensures that all parties remain informed about financial status, helping to prevent cost overruns and enabling timely corrective actions if necessary.
Budget Tracking. 1. All parties expressly understand and agree that the initial costs listed in the KCC Infrastructure Funding Agreement (IFA) included as the Job Center Budget (from Access) will be subject to change as actual costs are incurred and paid throughout the effective period of this MOU. 29 CFR 97.20 requires a comparison of actual costs to budgeted costs. Local workforce development areas will determine actual costs in accordance with local procedures and will submit the actual expenditures to all partners on a quarterly basis.
2. Updates to the IFA will not require an amendment to this MOU unless such updates reflect an increase in the total budget amount. An amendment for this purpose will be signed by authorized representatives of LWDB and all affected partners. LWDB will ensure that all partners receive a copy of the amendment and revised budget once the amendment is fully executed.
3. Any time the IFA is modified, the LWDB must provide all parties with notice of the modification and a copy of the modified IFA. The notice shall include a description of the modification, the effective date of the modification, and the reason(s) for the modification. ______________________________________ ____________________________________ Printed Name & Title Printed Name & Title ______________________________________ ____________________________________ Signature Date Signature Date
Budget Tracking. 1. All Parties expressly understand and agree that the initial costs listed in the IFA will be subject to change as actual costs are incurred and paid throughout the effective period of this MOU. 29 CFR
Budget Tracking. 1). The Consultant will track the utilization of budget and notify the Department’s project manager when the budget levels fall to the point where there are only funds left to cover approximately two months of normal invoicing.
Budget Tracking. The ▇▇▇▇▇▇ & Company Project Manager will track project budget on a biweekly basis utilizing a detailed work plan. The work plan will be utilized to provide the Project Manager monthly updates on the status of the consultant contract progress.