Default Budget definition

Default Budget. ' as used in this subdivision means the amount of the same appropriations as contained in the operating budget authorized for the previous year, reduced and increased, as the case may be, by debt service, contracts, and other obligations previously incurred or mandated by law, and reduced by one-time expenditures contained in the operating budget. For the purposes of this paragraph, one-time expenditures shall be appropriations not likely to recur in the succeeding budget, as determined by the governing body, unless the provisions of RSA 40:14-b are adopted, of the local political subdivision.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Default Budget shall have the meaning given such term in Section 8.6.

Default Budget. ’ as used in this subdivision means the amount of the same appropriations as contained in the operating budget authorized for the previous year, reduced and increased, as the case may be, by debt service, contracts, and other obligations previously incurred or mandated by law, and reduced by one-time expenditures contained in the operating budget.

Examples of Default Budget in a sentence

• The Operator Incentive component of the Default Budget shall be the same as the Operator Incentive component of the Operating Plan & Budget for the immediately preceding year.

• Beginning with the year following the year in which the date of Commercial Operation occurs, if the Parties have not agreed upon a cost budget to be included in as part of the Operating Plan & Budget by January 1 of the year to which such Operating Plan & Budget applies, then the Default Budget shall be deemed to be the approved budget until such time as the Parties agree on a cost budget for such year or the budget-related Disputes between the Parties have been resolved in accordance with Article XI.

• In the event the Board of Directors fails to pass a resolution approving a Final Budget, the Default Budget for the upcoming fiscal year shall be capped at a three percent annual inflation increase of the current budget.

• In the event a two-year business plan which is submitted to the Members’ Committee shall not be adopted pursuant to Sections 7.01 and 7.02 hereof, the Approved Business Plan which is then in effect shall continue to be the Approved Business Plan of the Company, except that the projected budget contained therein for any relevant year shall be deemed to have been superseded by the Approved Budget or Default Budget, as applicable, for such year.

• The Default Budget shall be prepared by Operator and delivered to Owners not later than seven (7) days prior to the first day of the period to which the Default Budget applies.

More Definitions of Default Budget

Default Budget as used in this subdivision means the amount of the same appropriations as contained in the operating budget authorized for the previous year, reduced and increased, as the case may be, by debt service, contracts, and other obligations previously incurred or mandated by law, and reduced by one-time expenditures contained in the operating budget and by salaries and benefits of positions that have been eliminated in the proposed budget. For the purposes of this paragraph, one-time expenditures shall be appropriations not likely to recur in the succeeding budget, and eliminated positions shall not include vacant positions under recruitment or positions redefined in the proposed operating budget, as determined by the governing body, unless the provisions of RSA 40:14-b are adopted, of the local political subdivision. In calculating the default budget amount, the governing body shall follow the statutory formula which may result in a higher or lower amount than the proposed operating budget.

Default Budget means the budget figure arrived at by following the calculations contained in RSA 40:13, X.

Default Budget shall have the meaning described in Section 7.03 hereof.

Default Budget is defined in Section 6.12(c) of the LLC Agreement [and generally means a budget, based on a specified formula, for any fiscal year for which no proposed budget is approved].

Default Budget means the amount calculated by starting with the amount of the appropriations contained in the operating budget authorized for the previous fiscal year, reduced and increased as the case may be by: 1) debt service, 2) contracts previously incurred, 3) salary and other related employee costs [benefits, taxes] previously incurred, and 4) other obligations previously incurred or mandated by law, and reduced by one time expenditures contained in the operating budget. For the purposes of this paragraph, one time expenditures shall be appropriations not likely to recur in the succeeding budget, as determined by the School Board.

Default Budget has the meaning set forth in Section 5.1.

Default Budget means a Default Direct Bill Budget (as such term is defined in the Operating Agreement).