Fund Balance. Any cash held for the Client, other than cash received by USL in respect of settling a Transaction and of fulfilling other debt obligations by the Client, shall be credited to a client trust account maintained with a licensed bank as required by applicable laws from time to time. The Client’s Account will be credited at a rate as stipulated by USL’s sole discretion from time to time.
Fund Balance. Any cash held for the Client, other than cash received by GTJAS in respect of settling a Transactions and of fulfilling other debt obligations by the Client, shall be credited to a client trust account maintained with a licensed bank as required by applicable laws from time to time. The Client’s Account will be credited at an rate as stipulated by GTJAS’s sole discretion from time to time.
Fund Balance. During the term of this Agreement, the County shall furnish to the Purchaser at the end of each quarterly accounting period a report of account balances for any fund or account relating to the Notes or established under the Trust Agreement.
Fund Balance. In the new combined TIF Fund, the City must attain a fund balance of at least 101% of the upcoming annual debt service due before December 31 of that calendar year on TIF Bonds issued and outstanding in connection with the Consolidated Redevelopment Project Area as of June 30th of that Calendar year.
Fund Balance. The Board of County Commissioners, WCCLS and the Contractors are committed to a strategy that balances fiscal prudence with service delivery to meet community needs. WCCLS will maintain a minimum fund balance of three months of total annual expenditures. As projected annual expenditures increase, the total minimum fund balance will increase proportionately.
Fund Balance. Fund balance is the excess of a fund’s assets over its liabilities in a governmental fund while Net Assets is the equity associated with the general government’s assets and liabilities.
Fund Balance. The Center may retain a year-end fund balance not to exceed twenty-five percent (25 ) of the Center's total annual operating budget. The Management Board will, after each fiscal year audit, return to each Pmticipant its share of any carryover funds in excess of those amounts necessary to fund the reserve fund. The return of such funds to each Participant will be prorated using the allocation formula calculated pursuant to section IV(a) above for such fiscal year. In lieu of returning such funds, the Management Board may formally request alternative uses for such carryover funds, subject to the approval of the Participants.
Fund Balance. In recognition that Program Expenditures may be higher in years in which Xxxxxxx Aquifer levels are low or are anticipated to be low, the HCP Program Account will allow for the accumulation by the EAA of a Fund Balance. The accumulated Fund Balance will be capped at $46 million (Fund Balance Cap), unless amended by the Implementing Committee. Any Excess Fund Balance may be used to reduce the Annual Funding Obligation of the EAA as otherwise required under Section 5.2. The EAA will reduce the Program Aquifer Management Fees assessed for the next following year to fund the Annual Program Budget to reflect the use of the Excess Fund Balance in that year.
Fund Balance. The fund balance of the General Fund ended at a balance of $2,366,704 as of June 30, 2017. We recommend that a charter school develop a plan that will result in a target fund balance that is at least 20% to 25% of annual expenditures. The ending total fund balance of the General Fund at June 30, 2017 for Lakes International Language Academy represents a balance of 26.4% of expenditures incurred for the year and is an important aspect in the School’s financial wellbeing since a healthy fund balance represents things such as cashflow, as a cushion against unanticipated expenditures, enrollment declines, state aid metering changes, funding deficiencies and aid prorations at the state level and similar problems. General Fund Budget to Actual – Total General Fund revenues on a net basis were $324,111 (or 3.5%) higher than the budgeted amount while total expenditures were $30,653 (or 0.3%) lower than had been budgeted. As part of any budget update initiated for fiscal 2017-18, the Board will want to take these variances into consideration in order to limit budget differences to every extent possible. We recommend that budget variances in a charter school environment (which is more volatile than in a traditional school environment but on a much smaller scale) be limited to 1% to 2% on either side of zero to the extent possible. Sometimes the timing of grant expenditures limits the School’s ability to accurately budget revenues and expenditures, however, your budget development and monitoring procedures continue to be sufficiently sophisticated to strive for the range of variances we’ve indicated - whether the variance is positive or negative on a net basis. We recommend that you continue making at least one mid-year budget amendment to update budget assumptions. The XXXX school board approved the original FY 2018 budget based on 1,100 ADM in June 2017 and revised the budget in November 2017 with a decrease in enrollment to 1,058 ADM. The latest budget projects a surplus of $186,594. Notes from the revised budget documents explain the enrollment impact and other adjustments:
Fund Balance. It is agreed that the Superintendent shall receive the same Fund Balance Benefit afforded to the district's collective bargaining group(s). This benefit is contingent upon an 8 minimum fund balance and both the formula and method of payment, will be consistent with the association(s) receiving this benefit.
