Common use of Fiscal Note Clause in Contracts

Fiscal Note. Every contract shall have a fiscal note attached thereto in a form prescribed by the Procurement Office. The fiscal note, which must be prepared by the school or department responsible for submitting the contract, shall provide an estimate of the costs and revenues generated by the contract over the life of the contract, not to exceed five (5) years. For capital projects, the fiscal note shall provide an estimate of the "total cost to complete" the project, including the contract base cost, and shall compare the "total cost to complete" to the project budget. The completed fiscal note shall be provided to the Procurement Office at the time the request is made to issue a solicitation and prior to executing a contract for the desired goods or services. If the contract does not involve the expenditure of funds, an authorized representative of the school or department submitting the contract shall indicate "N/A" (not applicable) on the fiscal note and shall communicate this information to the Procurement Office in writing.