Fiscal Conditions Sample Clauses

Fiscal Conditions. As part of its charge, the committee discussed the budgetary and fiscal conditions of each organization, including the challenges facing each as a result of the unprecedented economic downturn and State budget reductions. The City is facing significant reductions in its revenues including projected reductions in sales and use tax, transient occupancy tax and property tax, as well as cost increases for existing services that exceed expected revenue growth. The most recent City five year forecast projects a $9.6 million shortfall for FY 2009-10 without corrective action or the use of one-time funds. While revenues are expected to recover somewhat beginning in FY 2010-11, the rates of growth are projected to be low compared to historical trends. Given current projections, the City estimates a budget shortfall of $6.9 million in FY 2010-11 (this deficit would be $13.2 million before the use of one-time funds of $6.3 million from the Economic Uncertainty designation) Growth in expenditures outpaces revenue growth for each year of the five-year forecast, with a projected structural deficit of $35.4 million in FY 2014-15. The School District is also facing significant reductions in revenue as a result of State budget cuts. The School District receives 71% of its revenue from the State and about 5% of its revenue from the federal government. The School District is projecting a loss of approximately $18 - 20 million in State funding over the next two fiscal years. As a result, the School District has identified a number of proposals to close their funding gap including a hiring freeze, increasing class size, and reductions in the central administrative office, health benefits, contracts and elementary school music.
Sample 1
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Fiscal Conditions. Neither the District nor the Association shall unreasonably withhold consent to reopen the Agreement in the event either party reasonably anticipates the District's Grand Total of All General Fund Receipts will increase by less than 2.5% from the fiscal year ending in Year One of a two-year agreement to the fiscal year ending
Sample 1

Related to Fiscal Conditions

  • ORIGINAL CONDITIONS A. All reinsurance under this Contract shall be subject to the same rates, terms, conditions, waivers and interpretations and to the same modifications and alterations as the Policy, subject to the terms and conditions of this Contract, and the Reinsurer shall be credited with its exact proportion of the Insured's premiums due to the Company under the Policy.

  • SPECIAL CONDITIONS A submitted appeal must;

  • Financial Conditions Section 4.01. (a) The Recipient shall maintain or cause to be maintained a financial management system, including records and accounts, and prepare financial statements in a format acceptable to the Bank, adequate to reflect the operations, resources and expenditures in respect of the Project and each Sub-project (including its cost and the benefits to be derived from it).

  • Additional Conditions For each mediation or arbitration:

  • Tenant’s Financial Condition Within ten (10) days after written request from Landlord, Tenant shall deliver to Landlord such financial statements as Landlord reasonably requires to verify the net worth of Tenant or any assignee, subtenant, or guarantor of Tenant. In addition, Tenant shall deliver to any lender designated by Landlord any financial statements required by such lender to facilitate the financing or refinancing of the Property. Tenant represents and warrants to Landlord that each such financial statement is a true and accurate statement as of the date of such statement. All financial statements shall be confidential and shall be used only for the purposes set forth in this Lease.

  • Financial Condition There shall have been no material adverse change, as determined by Bank, in the financial condition or business of Borrower, nor any material decline, as determined by Bank, in the market value of any collateral required hereunder or a substantial or material portion of the assets of Borrower.

  • General Conditions (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement.

  • Special Condition With respect to Liability to the Fund or its shareholders, and subject to applicable state and federal law, the Board Member shall be indemnified pursuant to this Section 1 against any Liability unless such Liability arises by reason of the Board Member’s willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office as defined in such Section 17(h) of the Investment Company Act of 1940, as amended (“Disabling Conduct”).

  • Environmental Conditions A Phase I environmental site assessment (or update of a previous Phase I and or Phase II environmental site assessment) and, with respect to certain Mortgage Loans, a Phase II environmental site assessment (collectively, an “ESA”) meeting ASTM requirements conducted by a reputable environmental consultant in connection with such Mortgage Loan within 12 months prior to its origination date (or an update of a previous ESA was prepared), and such ESA (i) did not identify the existence of Recognized Environmental Conditions (as such term is defined in ASTM E1527-05 or its successor, hereinafter “Environmental Condition”) at the related Mortgaged Property or the need for further investigation, or (ii) if the existence of an Environmental Condition or need for further investigation was indicated in any such ESA, then at least one of the following statements is true: (A) an amount reasonably estimated by a reputable environmental consultant to be sufficient to cover the estimated cost to cure any material noncompliance with applicable Environmental Laws or the Environmental Condition has been escrowed by the related Mortgagor and is held or controlled by the related lender; (B) if the only Environmental Condition relates to the presence of asbestos-containing materials, radon in indoor air, lead based paint or lead in drinking water, the only recommended action in the ESA is the institution of such a plan, an operations or maintenance plan has been required to be instituted by the related Mortgagor that can reasonably be expected to mitigate the identified risk; (C) the Environmental Condition identified in the related environmental report was remediated, abated or contained in all material respects prior to the date hereof, and, if and as appropriate, a no further action, completion or closure letter or its equivalent, was obtained from the applicable governmental regulatory authority (or the Environmental Condition affecting the related Mortgaged Property was otherwise listed by such governmental authority as “closed” or a reputable environmental consultant has concluded that no further action or investigation is required); (D) an environmental policy or a lender’s pollution legal liability insurance policy that covers liability for the Environmental Condition was obtained from an insurer rated no less than “A-” (or the equivalent) by Xxxxx’x, S&P and/or Fitch; (E) a party not related to the Mortgagor was identified as the responsible party for the Environmental Condition and such responsible party has financial resources reasonably estimated to be adequate to address the situation; or (F) a party related to the Mortgagor having financial resources reasonably estimated to be adequate to address the situation is required to take action. To Seller’s knowledge, except as set forth in the ESA, there is no Environmental Condition at the related Mortgaged Property.

  • – OTHER SPECIAL CONDITIONS The following additional special conditions apply to this agreement:

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