Common use of Net Position Clause in Contracts

Net Position. Unrestricted net position shall be determined for both the Hendersonville System and the Laurel Park System as of June 30, 2024. Any unrestricted net position for the Hendersonville System in excess of ten percent (10%) of its operating budget for FY 2023-24 shall be distributed to the City of Hendersonville (after deducting Statutory Distribution Requirements for the Hendersonville System) with the City’s first quarterly distribution from the Blue Ridge ABC System. Any unrestricted fund balance for the Laurel Park System in excess of ten percent (10%) of its operating budget for FY 2023- 24 shall be distributed to the Town of Laurel Park with the Town’s first quarterly distribution from the Blue Ridge ABC System, and the Town shall comply with the Statutory Distribution Requirements for the Laurel Park System with respect to the fund balance so distributed to the Town.