Common use of Budgets and Forecasts Clause in Contracts

Budgets and Forecasts. On or before November 1 of each year, Operator shall prepare and submit to the Partnership Committee of Company for review, approval, or modification the following annual budgets and forecasts: A. Capital Commitment Budget The Capital Commitment Budget shall consist of an itemization of commitments for each capital project equal to or in excess of $50,000 (large projects) and a combined total of all Items less than $50,000 (small projects) for the following calendar year. B. Capital Expenditure Forecast The Capital Expenditure Forecast shall identify separately all expenditures for capital items from prior budgets which are not yet complete and all capital items anticipated to be approved in the pending budget. Large projects shall be listed individually and small projects may be combined. The forecast shall indicate expenditures by quarter for the following calendar year and indicate any appropriate carryover in subsequent years.