Common use of FBR Clause in Contracts

FBR. The Final Budget must include all funding sources, operational and maintenance costs, as well as planned capital costs for the upcoming year. The FYFF must include operational and maintenance costs, capital costs, and fund balance for the five (5) years following the Final Budget period. The FYFF will be used to prepare annual budgets for future years. After presentation to the Executive Committee, the proposed Final Budget, FYFF, FBR, and presentation of significant issues and financial assumptions shall be forwarded to the Board for approval. The budget approved by the Board must be the basis for developing the Member Fee (defined in Section 3.3.2 below). A copy of the adopted budget must be made available (1) for access by the public and (2) to each Member. After the end of each Fiscal Year, the Executive Director must submit to the Executive Committee and Board a summary of financial activity, including a comparison of budgeted expenditures to actual expenditures.