Budget Approval Process Sample Clauses

Budget Approval Process. On or before August 31 of each year, each Party shall submit to the Board, or, if designated by the Board, the Fire Chief, a statement of such Party's anticipated Proportionate Share for the upcoming fiscal year and appropriate documentation identifying the basis for such anticipated amount. On or before September 1 of each year, the Fire Chief shall submit to the Board any such Party statements and documentation received by the Fire Chief, and a statement of anticipated expenditures for the upcoming fiscal year. Commencing September 1, or upon receipt of all Parties' anticipated Proportionate Share statements and the Fire Chief's statement of anticipated expenditures, whichever shall first occur, the Board shall prepare a preliminary draft of the Authority's upcoming fiscal year budget. On or before October 1 of each year, the Board shall submit to each Party the preliminary draft of the Authority's upcoming fiscal year budget. Each Party shall have until October 14 to provide to the Board written comments on the preliminary draft budget. Commencing October 15, or upon receipt of all Parties' comments, whichever shall first occur, the Board shall prepare a final draft of the Authority's upcoming fiscal year budget, subject to minor revisions required as a result of the Assessor's certification of the final assessed values in December. The final draft budget shall be submitted to the Parties on or before November 15. A Party shall be deemed to have approved the final draft of the Authority's upcoming fiscal year budget (including any minor revisions required as a result of the Assessor's certification of final assessed values in December), unless the Party disapproves the final draft budget in accordance with paragraph 7(a)(iv) below.

Budget Approval Process. Property Manager shall submit by September 1st of each year during the term hereof (or such other date as Owner may request) a proposed detailed, written estimate or projection of all receipts and expenditures for the operation of the Property during the next Fiscal Year, including, without limitation, all estimated Initials: PM Owner

Budget Approval Process. All requests for education benefits must be submitted on the Education Assistance Reimbursement Program form, with attachment(s), to the employees Department Head no later than February 15.

Budget Approval Process. The parties acknowledge that prior to the commencement of each fiscal year of Novo, an annual operating budget for Novo shall be prepared, which budget will be consistent with the general strategic direction of Novo, and set forth in sufficient detail all significant items of income and expense. Such operating budget, and any material deviations therefrom, will be presented to the Board of Directors of Novo for its review and approval, which process will include a review of all significant financial items of Novo, including compensation and incentive packages for senior management of Novo, employment contracts, capital expenditures and borrowings or other financing arrangements.

Budget Approval Process. Property Manager shall submit for approval of Owner not later than 30 days after the date of this Agreement a proposed detailed, written estimate or projection of all receipts and expenditures for the operation of the Project for first full or partial Fiscal Year (as hereinafter defined), including, without limitation, all estimated rentals and all estimated repairs, maintenance and capital projects (the “Budget”) for such Fiscal Year. In addition, Property Manager shall submit a Budget for each ensuing Fiscal Year for the approval of Owner not later than thirty (30) days prior to the expiration of the Fiscal Year immediately preceding the Fiscal Year to which such Budget relates. A “Fiscal Year” is a calendar year, all or part of which falls within the Term of this Agreement. In the event Owner, in Owner’s sole judgment, disapproves of any proposed Budget submitted by Property Manager, Owner shall give Property Manager written notice of the line items that have been disapproved, in which event Property Manager and Owner shall work in good faith to establish mutually-acceptable amounts for such line items. Until Owner has approved the revised Budget, Property Manager may (i) pay the Management Fee (as hereinafter defined) and all expenses relating to taxes, insurance and utilities, (ii) operate pursuant to those portions of the Budget which have been approved, and (iii) with respect to line items that have not been approved, continue to operate pursuant to the corresponding line items in the last approved Budget. In the absence of any written notice from Owner of disapproval within 30 days after delivery of the proposed Budget to Owner, the proposed Budget shall be deemed to have been approved by Owner.

Budget Approval Process. Not less than 45 days prior to the end of each fiscal year, the Company shall cause its chief executive officer to submit to the Board of Directors a proposed annual budget for the next fiscal year. Within 15 days after the submission of any proposed annual budget pursuant to the foregoing, the Board of Directors shall advise the chief executive officer whether it approves or is unable to approve such annual budget and the modifications, if any, agreed upon by the Board of Directors with respect to such annual budget. If such proposed annual budget as initially submitted or as modified by the Board of Directors is approved by the Board of Directors, then such annual budget shall be considered approved for all purposes of this Agreement. If such proposed annual budget is not approved, then the Board of Directors shall submit such proposed annual budget to a committee (the "Budget Resolution Committee") consisting of one Director designated solely by AEA, chosen by the Directors designated solely by AEA, and of one Director designated solely by DLJMB, chosen by the Directors designated solely by DLJMB (each a "Budget Resolution Director"). Within 15 days after the submission of any proposed annual budget, the Budget Resolution Committee shall advise the Board of Directors whether they approve or are unable to approve such annual budget and the modifications, if any, agreed upon by both Budget Resolution Directors with respect to such annual budget. If a submitted annual budget is approved by both Budget Resolution Directors, then such annual budget shall be considered approved for all purposes of this Agreement. If a submitted annual budget as initially submitted or as modified is not approved by both Budget Resolution Directors, the annual budget for the next fiscal year shall be automatically deemed approved, which budget shall consist of the then-current annual budget for the Company and its Subsidiaries with (i) each category of capital expenditures to be equal to (x) if both Budget Resolution Directors have proposed amounts lower than the respective amounts contained in the then current annual budget, the higher of the amounts proposed by each Budget Resolution Director, (y) if both Budget Resolution Directors have proposed amounts higher than the respective amounts contained in the then current annual budget, the lower of the amounts proposed by each Budget Resolution Director and (z) if either Budget Resolution Director has proposed amounts lower than...

Budget Approval Process. As the Project Agreement Committee’ s work plan is adjusted, the Project Agreement Committee will forecast both an estimated cost at the end of each f iscal year and at the end of Phase 1 . The work plan shall be maintained to serve as the basis for preparing a fiscal year’s operating budget and revised Phase 1 budget target. The Project Agreement Committee and Authority shall cooperate on the development of each fiscal year budget to ensure the scope and effort of shared activities (e.g. engagement) align and to ensure adequate reserves are maintained and resource plans are in place to ensure adequate staffing levels can be committed to perform the work. At least 2 months prior to the end of each fiscal year, the Project Agreement Committee shall adopt a fiscal year operating budget and revised Phase 1 budget target and present them to the Authority. The Authority shall incorporate them along with budgets developed by other Project Agreement Committees ( as appropriate) to approve at the project- level ( 1 ) a f iscal year operating budget and (2) a Phase 1 budget target. Should this process result in changes in the total funding amount listed in Table 1 above or Attachment 1 of Exhibit B, Attachment 1 of Exhibit B will be amended by written acknowledgement of each of the Project Agreement Members, which will supersede the amounts shown in Table 1 and Attachment 1 of Exhibit B to calculate each Members funding contribution, which is based on both the Participant’s Percentage and Actual Weighted Vote (refer to Agreement, Exhibit A1).

Budget Approval Process. 652 a) All requests for education benefits must be submitted on the Education Assistance 653 Reimbursement Program form, with attachment(s), to the employees Department 654 Head no later than February 15. 655 b) Once completed form has been reviewed by the employees respective 656 Department Head, the request will be sent to Human Resources by February 25 for 657 review of eligibility.

Budget Approval Process. (a) Borrower agrees to provide to Lender Group its Proposed Budget no later than two Business Days before the Weekly Conference Call. Borrower further agrees to make available for the Weekly Conference Call such representatives as Agent may reasonably request to review the items listed on the Proposed Budget. (b) In the event that no Lender within three Business Days of the Weekly Conference Call disapproves in writing of a line item on the Proposed Budget to be incurred during the following week, such line item shall become part of an agreed budget ("Agreed Budget"