Preparation And Submission Of Budgets For Operating Costs Sample Clauses

The 'Preparation and Submission of Budgets for Operating Costs' clause outlines the process by which one party, typically the manager or operator, must prepare and present a detailed budget for anticipated operating expenses within a specified timeframe. This usually involves compiling projected costs for items such as maintenance, utilities, staffing, and supplies, and submitting the budget to the other party, often the owner or client, for review and approval. The core function of this clause is to ensure transparency and advance planning for operating expenditures, thereby preventing misunderstandings and enabling effective financial management.
Preparation And Submission Of Budgets For Operating Costs. The Operator shall 1 prepare an initial budget for Operating Costs for the period commencing with the 2 Effective Date to the end of the calendar year. The Operator shall prepare an annual 3 budget for Operating Cost for each calendar year thereafter. Operator shall have the 4 right to amend any such budget from time to time or change to a non-calendar year 5 and shall provide notice to Interconnector of any such change. For purposes of this 6 Section 12, the term “budget” shall include any such amended budget. Each budget 7 shall show the estimated monthly expenses and costs allocated to the Interconnector
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Preparation And Submission Of Budgets For Operating Costs. The STS . Operating Agent shall prepare an annual budget for Operating Work for each calendar year thereafter. The STS Operating Agent shall have the right to amend any such budget from time to time or change to a non-calendar year and shall provide notice to the Interconnection Customers of any such change. For purposes of this Section 37.2.1, the term “budget” shall include any such amended budget. Each budget shall show the estimated monthly expenses and costs allocated to the Interconnection Customers pursuant to this Agreement. The STS Operating Agent shall submit such budgets to the E&O and the Joint Operating Committee concurrently with its submittal of other budgets prepared pursuant to the Co-Tenancy Agreement.
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Related to Preparation And Submission Of Budgets For Operating Costs

  • Annual Budgets The School shall adopt a budget for each fiscal year, prior to the beginning of the fiscal year. The budget shall be in the Idaho Financial Accounting Reporting Management Systems (IFARMS) format and any other format as may be reasonably requested by the Authorizer.

  • OFFICE OF MANAGEMENT AND BUDGET (OMB) AUDIT REQUIREMENTS The parties shall comply with the requirements of the Single Audit Act of 1984, P.L. 98-502, ensuring that the single audit report includes the coverage stipulated in 2 CFR 200.

  • Annual Work Plans and Budgets The Recipient shall furnish to the Association as soon as available, but in any case not later than September 1 of each year, the annual work plan and budget for the Project for each subsequent year of Project implementation, of such scope and detail as the Association shall have reasonably requested, except for the annual work plan and budget for the Project for the first year of Project implementation, which shall be furnished no later than one (1) month after the Effective Date.

  • Operating Budgets Manager has submitted to Owner, for Owner's approval, a proposed operating budget for the ensuing full or partial fiscal year, as the case may be ("Operating Budget"). Hereafter, Manager shall, not less than forty-five (45) days prior to the commencement of each full fiscal year, submit to Owner, for Owner's approval, a proposed Operating Budget for the ensuing full or partial fiscal year, as the case may be. Each Operating Budget shall be accompanied by, and shall include, a business plan which shall describe business objectives and strategies for the period covered by the Operating Budget. The business plan shall include, without limitation, an analysis of the market area in which the Hotel competes, a comparison of the Hotel and its business with competitive hotels, an analysis of categories of potential guests, and a description of sales and marketing activities designed to achieve and implement identified objectives and strategies. Fee Owner shall have no right to approve any Operating Budget. Owner's approval of the Operating Budget shall not be unreasonably withheld and shall be deemed given unless a specific written objection thereto is delivered by Owner to Manager within fifteen (15) days after submission. Owner shall review the Operating Budget on a line-by-line basis. To be effective, any notice which disapproves a proposed Operating Budget must contain specific objections in reasonable detail to individual line items. If the initial Operating Budget contains disputed budget item(s), said item(s) shall be deemed adopted until Owner and Manager have resolved the item(s) objected to by Owner or the Accountant(s) (hereinafter defined in Section 10.02) have resolved the item(s) objected to by Owner. Thereafter, if Owner disapproves or raises objections to a proposed Operating Budget in the manner and within the time period provided therefor, and Owner and Manager are unable to resolve the disputed or objectionable matters submitted by Owner prior to the commencement of the applicable fiscal year, the undisputed portions of the proposed Operating Budget shall be deemed to be adopted and approved and the corresponding line item contained in the Operating Budget for the preceding fiscal year shall be adjusted as set forth herein and shall be substituted in lieu of the disputed items in the proposed Operating Budget. Those line items which are in dispute shall be determined by increasing the preceding fiscal year's corresponding line items by an amount determined by Manager which does not exceed the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the United States Department of Labor, U.S. City Average, all items (1984-1986=100) for the fiscal year prior to the fiscal year with respect to which the adjustment to the line item is being calculated or any successor or replacement index thereto. The resulting Operating Budget obtained in accordance with the preceding sentence shall be deemed to be the Operating Budget in effect until such time as Manager and Owner have resolved the items objected to by Owner. Manager shall revise the Operating Budget from time to time, as necessary, to reflect any unpredicted significant changes, variables or events or to include significant, additional, unanticipated items of income or expense. Any such revision shall be submitted to Owner for approval,

  • Operating Plan To Agent and Lenders, as soon as available, but not later than thirty (30) days after the end of each Fiscal Year, an annual combined operating plan (the "Operating Plan") for Parent and its Subsidiaries, approved by the Board of Directors of Parent, for the following Fiscal Year, which (i) includes a statement of all of the material assumptions on which such plan is based, (ii) includes projected monthly income statement, balance sheets and source and use of funds for the following year and (iii) Borrowing Availability projections, all prepared on the same basis and in similar detail as that on which operating results are reported (and in the case of cash flow projections, representing management's good faith estimates of future financial performance based on historical performance), and including plans for personnel, Capital Expenditures and facilities.