Common use of Budget Approval Process Clause in Contracts

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. As the Project Agreement Committee’ s ’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).