Common use of Operating Expense Budget Clause in Contracts

Operating Expense Budget. Member Agencies shall pay their share of the operating expense budget related to the joint library operation as specified by formula allocation contained in Section 6 (the "Member Agency Cost Allocation"). For purposes of this Agreement, operating expenses shall include the usual and ordinary cost of operation of the Library and the repair and renewal of the Library's physical assets including without limitation expenses of and ordinary additions to the collection and the purchase, installation, and maintenance of technology and programming necessary to provide library services to the Member Agencies. Annual operating expense budget increases shall not exceed the average of the Member Agencies' previous year’s levy limits percentage increases, plus one percent (1%), for operating expenses of the Library. Should a Member Agency's levy limit exceed the other Member Agencies levy limits by more than one percent (1%), that Member Agency's levy limit increase shall be removed from the calculation. The Board, moreover, is not required to seek or obtain Member Agencies' approval if the Board presents and adopts an operating expense budget within the 1% limit. Member Agencies, by written unanimous consent, may increase the budgeted allocation beyond the allowable annual increase set forth in this Section 2. 2.1 The Board shall provide the fiscal agent with its annual operating and capital expense budget and Member Agency Cost Allocation, by September 15 each year. 2.2 No expenditures shall be made or contracted for by the Board or any Library employee with respect to any current or proposed item of operating expense until such time that it has been approved by the Board. 2.3 All annual unspent operating monies shall be placed in an operating fund balance account with the fiscal agent. 2.4 Should a significant community specific event occur or be requested by a Member Agency served by the Library, and the Library incurs additional costs related to the event, the Member Agency involved shall be responsible for any additional costs incurred.

Operating Expense Budget. Member Agencies shall pay their share of the operating expense budget related to the joint library operation as specified by formula allocation contained in Section 6 (the "Member Agency Cost Allocation"). For purposes of this Agreement, operating expenses shall include the usual and ordinary cost of operation of the Library and the repair and renewal of the Library's physical assets including without limitation expenses of and ordinary additions to the collection and the purchase, installation, and maintenance of technology and programming necessary to provide library services to the Member Agencies. Annual operating expense budget increases shall not exceed the average of the Member Agencies' previous year’s 's levy limits percentage increases, plus one percent (1%), for operating expenses of the Library. Should a Member Agency's levy limit exceed the other Member Agencies levy limits by more than one percent (1%), that Member Agency's levy limit increase shall be removed from the calculation. The Board, moreover, is not required to seek or obtain Member Agencies' approval if the Board presents and adopts an operating expense budget within the 1% limit. Member Agencies, by written unanimous consent, may increase the budgeted allocation beyond the allowable annual increase set forth in this Section 2. 2.1 The Board shall provide the fiscal agent with its annual operating and capital expense budget and Member Agency Cost Allocation, by September 15 each year. 2.2 No expenditures shall be made or contracted for by the Board or any Library employee with respect to any current or proposed item of operating expense until such time that it has been approved by the Board. 2.3 All annual unspent operating monies shall be placed Allannualunspentoperatingmoniesshall beplaced in an operating fund balance operatingfundbalance account with the fiscal agent. 2.4 Should a significant community specific event occur or be requested by a Member Agency served by the Library, and the Library incurs additional costs related to the event, the Member Agency involved shall be responsible for any additional costs incurred.