Budgets and Reports Clause Samples
The "Budgets and Reports" clause establishes requirements for the preparation, submission, and review of financial plans and progress updates related to a project or agreement. Typically, it obligates one party to provide detailed budgets outlining anticipated costs and to deliver periodic reports that track actual expenditures and project status. This clause ensures transparency and accountability in financial management, helping both parties monitor spending, assess progress, and address any discrepancies or issues early in the process.
Budgets and Reports. (a) By January 31st of each calendar year hereafter during the term hereof, the Operating Partner shall prepare a revised Operating Budget and the Business Plan for the operation of the Partnership. The Management Committee shall have thirty (30) days after receipt thereof to either approve the submitted Business Plan and Operating Budget or respond with required changes to same.
(b) The Operating Partner agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of operating the Partnership shall not exceed the Operating Budget, either in total or for any one accounting category. The Operating Partner shall secure the written approval of the Management Committee for any expenditure that (i) exceeds fifteen percent (15%) of the annual budgeted amount for the Partnership in any one line item on such Operating Budget or (ii) exceeds ten percent (10%) of the annual budgeted amount for the Partnership in all accounting categories of the Operating Budget. During each applicable calendar year, the Operating Partner agrees to immediately inform the Management Committee of any major increases in costs and expenses that were not foreseen during the budget preparation period and thus were not reflected in the Operating Budget.
(c) The Operating Partner shall also submit any additional financial or operational reports as the Financial Partner may from time to time reasonably request.
Budgets and Reports. Each year the Park Board provides draft budgets and reports for City owned assets which are presented to the Park Board’s committees for review and analysis before being provided to the Park Board Trustees for final approval. These draft park budgets and reports include 1) Detailed Annual Budgets, 2) Business Plans, 3) Special Projects and 4)
Budgets and Reports. Manager shall submit to the UG for its consideration and comment, at least ninety (90) days prior to the anticipated beginning of operations of the Grocery Store, and at least ninety (90) days prior to the beginning of each Fiscal Year thereafter, a proposed Operating Budget ("Operating Budget") for the Grocery Store for each Fiscal Year, which Operating Budget shall set forth in reasonable detail Manager's best estimate of Gross Revenues and Operating Expenses. The UG agrees to review and comment on such proposed Operating Budget to Manager in writing on or before the sixtieth (60th) day after receipt thereof from Manager. The UG's consideration of the Operating Budget and comments thereto shall be based upon factors concerning management and ownership of the Grocery Store consistent with this Agreement. Manager shall implement such Operating Budget and shall be authorized, subject to the limitations set forth in this Agreement, without the need for approval by UG, to make the expenditures and incur the obligations reasonably anticipated by the relevant Operating Budget, and Manager may not exceed any item in the Operating Budget by more than fifteen (15%) in any Quarterly Accounting Period without the prior consent of the UG. Manager acknowledges and agrees that its rights with respect to accessing funds in the Stabilization Fund Reserve are conditioned upon Manager's performance of its obligations pursuant to this Section 5.8.
Budgets and Reports. (i) within forty five (45) days after each of the first three quarters of each calendar year during the Term, the most recent unaudited financial statements of BLC Holdings, in each case accompanied by the Financial Officer's Certificate certifying that the information contained therein is true and correct in all material respects;
(ii) within one hundred twenty (120) days after the end of each calendar year during the Term, the most recent financial statements of BLC Holdings, in each case accompanied by a Financial Officer's Certificate certifying that the information contained therein is true and correct in all material respects;
(iii) within thirty (30) days after the end of each calendar month, an unaudited statement of income, occupancy (including percentages) and payor mix for the Facilities on an aggregate basis, accompanied by a Financial Officer's Certificate certifying that the information contained therein is true and correct in all material respects;
(iv) promptly, upon Notice from PSLT-BLC Holdings, such other information concerning the business, financial condition and affairs of BLC Holdings and any Brookdale Lessees as PSLT-BLC Holdings may reasonably request from time to time;
(v) thirty (30) days prior to the first day of each Lease Year during the Term, a capital budget for such Lease Year describing in reasonable detail all anticipated Capital Additions to be made to each Facility, together with a description of the source of funds therefor;
(vi) within twenty (20) days after each calendar quarter during the Term, an Officer's Certificate setting forth the Lease Coverage Ratio for such calendar quarter;
(vii) within thirty (30) days after each calendar quarter during the Term, an Officer's Certificate setting forth Total Revenues, Operating Expenses and NOI for such calendar quarter;
(viii) upon reasonable request in writing from PSLT-BLC Holdings, the following reports as of any calendar quarter end or with respect to any other period for which PSLT-BLC Holdings may reasonably request: all loss runs and material actuarial reports, studies, reviews and analysis, if any, prepared by or on behalf of BLC Holdings and each of the Brookdale Lessees or their insurance actuaries, quarterly and otherwise, concerning BLC Holdings' and each of the Brookdale Lessees' reserves for expenses relating to malpractice or professional liability and malpractice or professional liability insurance; and
(ix) copies of other financial statements required to...
Budgets and Reports. The Operator shall prepare and deliver to the Company for approval, on a quarterly basis during the Pre-Completion Period and thereafter as directed by the Company, a budget reflecting the estimated costs to be incurred for Operation of the Combined Facilities during the ensuing 12 month period. Such budgets shall be prepared in sufficient detail to satisfy the requirements of any lending institution providing financing for the New Facilities and/or the Combined Facilities. The Operator shall also prepare and deliver to each Member such forecasts, cash flow projections and financial and operating reports with respect to the Company as from time to time may be reasonably requested by the Company, including fiscal year reports for Members who report financial results on a basis other than the calendar year.
Budgets and Reports. Section 5.2.1. Preliminary Budget and Schedule.
(a) Within forty-five (45) days after the Execution Date, Owner shall prepare and submit to the Management Committee for review and approval a Project Budget and Project Schedule (together, as established herein, the "Preliminary Budget and Schedule"), together with a Cost-of-Service Estimate. At the request of Purchaser's Manager, Owner shall provide the Management Committee with copies of the data, invoices, price sheets and other information utilized in the preparation of the proposed Preliminary Budget and Schedule, and shall make the personnel responsible for preparing such Preliminary Budget and Schedule available during normal business hours and upon reasonable advance notice to discuss such Preliminary Budget and Schedule with the Management Committee. At the request of Purchaser's Manager, Owner shall provide the Management Committee with access to, and copies of, all reasonably requested documentation concerning the Cost-of-Service Estimate.
(b) The Management Committee shall promptly review the proposed Preliminary Budget and Schedule, and may approve such Preliminary Budget and Schedule in whole or in part. If an Impasse occurs with respect to the proposed Preliminary Budget and Schedule (or any part thereof), then the Impasse shall not be resolved under the dispute resolution provisions herein, and instead, subject to Purchaser's termination rights under Section 3.3.2, the proposed Preliminary Budget and Schedule, with any changes agreed upon by the Management Committee, shall be deemed to be (i) in effect upon the commencement of the Construction Phase and (ii) approved by the Management Committee as of such date for purposes of Section 8.1.4(c)(i).
Budgets and Reports. 59. Prior to the Effective Date, the Environmental Trustee shall submit to the Governments for approval a budget for the first 120 days following the Effective Date (a “120 Day Budget”) for the Environmental Trust Environmental Cost Account and for the Environmental Trust Administrative Account. The Lead Agency shall have the authority to approve or disapprove the proposed 120 Day Budget after consultation with the Non-Lead Agency. No expenses may be incurred or paid from the Environmental Trust Environmental Cost Account or the Environmental Trust Administrative Account by the Environmental Trustee that are inconsistent with an approved 120 Day Budget except in the event of an emergency as provided in the Environmental Trust Agreement. The Lender Parties shall be served with a copy of the 120 Day Budget, simultaneously with the Governments.
60. Within 90 days following the Effective Date in the first year and thereafter at least 60 days before January 1 of each year following the Effective Date, the Environmental Trustee shall provide to the Governments and the Lender Parties a statement showing the balance of the accounts and proposed budget for the coming year. The Lead Agency shall have the authority to approve or disapprove the proposed budget for the Environmental Trust Environmental Cost Account or Environmental Trust Administrative Account, but only after consultation with the Non-Lead Agency. No expense may be incurred or paid from the Environmental Trust Environmental Cost Account or the Environmental Trust Administrative Account by the Environmental Trustee that are inconsistent with the approved budget, except in the event of emergency as provided in the Environmental Trust Agreement.
Budgets and Reports. The Operator shall, on a timely basis, prepare and deliver to the Company for approval the following budgets and reports:
(a) The Phase II Capital Budget and Phase III Capital Budget pursuant to Section 4.1.1 of the Operating Agreement; and (b) an annual Operating Budget pursuant to Section 7.6 of the Operating Agreement. Such budgets shall be prepared in sufficient detail to satisfy the requirements of any lending institution providing financing for the Facilities.
Budgets and Reports. 15 4.5 Powers of the Operating Partner................... 15
Budgets and Reports. The Operator shall prepare and deliver to the Company for approval, on an annual basis, an Annual Budget reflecting the estimated costs to be incurred for Operation of the Facilities during the ensuing twelve (12) month period. For each Fiscal Year, the Annual Budget shall be submitted by November 30 of the preceding year. The Operator shall also prepare and deliver to each Shareholder such forecasts, cash flow projections and financial and operating reports with respect to the Company as from time to time may be reasonably requested by the Company, including fiscal year reports for Shareholders who report financial results on a basis other than the calendar year.