Common use of Unexpended Balances Clause in Contracts

Unexpended Balances. (1) The unexpended balance of moneys paid to the Commission by Contracting Governments pursuant to sub-clause 69(1) in any financial year— (a) shall, with the approval of the Ministerial Council, be available for expenditure during the ensuing financial year upon any item in the annual or supplementary estimates for (i) the year in which the moneys have not been expended; (ii) that ensuing financial year; (b) may be used to reduce the amounts which would otherwise be payable by each Contracting Government under sub-clause 69(1) in that ensuing financial year. (2) The Commission must notify Contracting Governments of any unexpended balances held by it at the end of any financial year. (3) The unexpended balance of moneys contributed by a Contracting Government must only be expended on items to which that Contracting Government is obliged to contribute under clause 65.