Initial Annual Budget Clause Samples
Initial Annual Budget. Not later than 45 days after the Effective --------------------- Date, the Joint Operations Committee will have prepared the initial Annual Budget for the first fiscal year (which shall initially be the calendar year) during the term of this Agreement. If the Effective Date is other than the first day of a fiscal year, then such initial Annual Budget shall encompass only such portion of the then current fiscal year as remains, or, at the option of the parties, such portion of the then current fiscal year plus the immediately subsequent fiscal year.
Initial Annual Budget. 1. The regional school committee shall propose, by a majority vote, an initial annual budget containing all proposed operating expenditures, capital expenditures, and debt service payments to be paid from general revenues of the regional school district.
2. Copies of such initial annual budget shall be mailed to the Chairperson of the Finance Committee and the Board of Selectmen of each member town.
3. Not later than fifteen (15) days following the date on which copies of the initial annual budget are mailed to the Chairperson of the Finance Committee and the Board of Selectmen of the member towns as aforesaid, the Committee shall hold a public hearing as required by M.G.L. c. 71 Section 38N within the District and in accordance with Open Meeting Law.
4. At such hearing, the Committee shall present the initial annual budget and shall answer any reasonable inquiries with respect thereto.
Initial Annual Budget. The Parties acknowledge and agree that the operating plan and operating and capital budgets attached as Schedule G have been agreed to by the Parties and shall constitute the Annual Budget for the initial Operating Year.
Initial Annual Budget. The Annual Budget will reflect: • The Company will pay Constellation for support services as follows: for 2010 will be $66 million, and for 2009 the $66 million will be pro-rated for any applicable period post closing in 2009. • During the remainder of 2009 and 2010 Constellation and EDF will work to develop a direct charging mechanism (reflecting the actual cost of the service) for support services provided by Constellation that will be implemented beginning January 2011, provided that support services for the existing business will not exceed $66 million in any year. For any services that a direct charge mechanism cannot be developed the parties will agree to an appropriate allocation methodology.
Initial Annual Budget. The parties have agreed to operate the Facilities in the ordinary course of business from the Effective Date until December 31, 2021. The Parties will make good faith efforts to agree on the Annual Budget for the 2022 Operating Year by December 31, 2021; provided that if the Parties cannot agree on such Annual Budget, either Party may submit the dispute to arbitration in accordance with the provisions of Article 14: It being understood that the Facilities will be operated in the ordinary course of business in the pendency of such arbitration. Thereafter, the Annual Budget shall be determined in accordance with Section 4.3.
Initial Annual Budget. The parties shall have agreed to an initial Annual Budget.