Operating Deficit. The Provider is solely responsible for covering any Manageable Cost increases in any Fiscal Year. In the event that there is an operating deficit as a result of unanticipated changes in rent revenue or increases in Non-Manageable Costs that exceeds the Operating Reserve, BC Housing may cover the balance through: a. a mid-year budget adjustment that increases the subsidy; b. an extraordinary expense payment; or c. at annual financial review, if such an unanticipated expense results in an operating deficit for the Fiscal Year, BC Housing may retroactively adjust the Operating Subsidy required.
Appears in 3 contracts
Sources: Operating Agreement, Community Housing Fund Operating Agreement, Operating Agreement