Annual Budget Preparation and Assessment of Costs Sample Clauses

Annual Budget Preparation and Assessment of Costs. 1. Development of the Collaborative Budget: The Board shall annually determine the Collaborative’s budget consistent with the timelines, terms, and requirements in M.G.L. c. 40, s 4E, 603 CMR 50.00 and all other regulations promulgated by the Board of Elementary and Secondary Education and this Agreement.
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Annual Budget Preparation and Assessment of Costs. The Board shall annually determine the Collaborative budget consistent with the timelines, terms, and requirements in MGL c 40, § 4E and 603 CMR 50.00.The Board shall identify the programs or services to be offered by Collaborative in the upcoming fiscal year and the corresponding costs. In the fall of each year, the Executive Director will consult with staff, look at trends and examine the prior year profit and loss statements to formulate and project expenses for the next fiscal year to run each program. The budget assumptions are based on the mission and core values of the Collaborative. The proposed budget shall contain all planned financial activity for all programs offered by the Collaborative for the upcoming fiscal year classified into line item categories. The line item projections include but are not limited to needed staff, supplies, rent, materials and equipment to run the program. Fees for service are determined by computing the expenses vs. the projected participation in each program for the next fiscal year. Forecasting of students that will be enrolled in special education and transportation programs in the next fiscal year is based on past history and ongoing discussions with key constituent leaders from member districts. The projected budget and fee structure is presented to the Finance and Budget Subcommittee, a subset of the appointed representatives, for feedback and review prior to presentation to the full Board. The Board shall hold a public meeting on the proposed budget prior to its adoption and shall adopt the final budget by an affirmative majority vote at a subsequent meeting no earlier than ten (10) working days after the Board meeting at which the Collaborative budget was first proposed but no later than May 30 of the preceding fiscal year. The Treasurer shall certify and transmit the budget and the tuition rates, membership dues and fees-for-service for the upcoming fiscal year to each member district not later than June 30 of the preceding fiscal year Adoption of the budget shall require a majority vote of the appointed representatives to the Board.
Sample 1
Annual Budget Preparation and Assessment of Costs. The agreement must outline the detailed procedure for the preparation and adoption of an annual budget, tuition rates, membership dues and fees-for-service. 603 CMR 50.03(5)(b)7. Collaborative agreements must also contain the method and timeline for notification and payment of tuition, membership dues and fees-for-service. 603 CMR 50.03(5)(b)8. The collaborative must provide public notice to member districts about the collaborative board meeting at which the proposed budget will be discussed. 603 CMR 50.07(5)(e). The budget must be approved by at least a majority vote of the collaborative board, and the meeting at which the final budget is approved must be held a minimum of ten working days following the collaborative board meeting at which the budget was first proposed. 603 CMR 50.07(6)(a). An example is provided below.
Sample 1

Related to Annual Budget Preparation and Assessment of Costs

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  • Progress Reports and Invoices The goals of this subtask are to: (1) periodically verify that satisfactory and continued progress is made towards achieving the project objectives of this Agreement; and (2) ensure that invoices contain all required information and are submitted in the appropriate format. The Recipient shall: • Submit a monthly Progress Report to the CAM. Each progress report must: o Summarize progress made on all Agreement activities as specified in the scope of work for the preceding month, including accomplishments, problems, milestones, products, schedule, fiscal status, and an assessment of the ability to complete the Agreement within the current budget and any anticipated cost overruns. See the Progress Report Format Attachment for the recommended specifications. • Submit a monthly or quarterly Invoice that follows the instructions in the “Payment of Funds” section of the terms and conditions, including a financial report on Match Fund and in-state expenditures. Products: • Progress Reports • Invoices

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