Annual Budget Process Clause Samples
The Annual Budget Process clause establishes the procedures and requirements for creating, reviewing, and approving a budget on a yearly basis. Typically, this clause outlines the timeline for submitting budget proposals, the parties responsible for drafting and approving the budget, and any necessary documentation or meetings involved in the process. Its core practical function is to ensure financial planning and accountability by setting a clear, repeatable process for managing and allocating resources each year.
Annual Budget Process. The Manager shall prepare and submit to Owner at least 45 days before the beginning of each Calendar Year after the first Property Acquisition by Owner, a budget (“Draft Budget”) detailing the Development Activities planned to be commenced during the relevant Calendar Year, which shall specify the amounts expected to be spent by the Owner during such Calendar Year to conduct such Development Activities, and to otherwise own its Assets and conduct the Business during such Calendar Year; provided that in connection with the first acquisition made by the Owner, the Manager shall deliver a Draft Budget to Owner in connection with such acquisition as contemplated by Section 9.2(a). The Owner shall approve or disapprove the Draft Budget no later than 15 days prior to the start of the Calendar Year; provided that the first Draft Budget shall be approved as provided in Section 9.2(a). If the Owner approves the Draft Budget, the Draft Budget shall be deemed the Budget for purposes of this Agreement, until revised in accordance with Section 3.1(b) below. If the Owner fails to approve a Draft Budget by the commencement of a Calendar Year, then until a Draft Budget for such Calendar Year is approved, the Manager is authorized to pay from the Owner’s account the costs and expenses incurred in the ordinary course of business in amounts materially consistent with, and for Development Activities and other activities set forth in, the prior Calendar Year’s Budget as adjusted for supplements to such Budget attributable to any subsequent Property Acquisition(s), including in respect of costs and expenses to the extent incurred pursuant to the contractual obligations of the Owner, including any Material Commitments, and other costs and expenses approved as provided in this Agreement.
Annual Budget Process. Each year, in accordance with Spansion’s normal budget process, AMD shall meet with Spansion and assist Spansion as requested in developing an overall information technology budget, including expenditures for Special Projects and expenses that are to be paid directly by Spansion to third parties. Each such annual meeting will also address changes to the Services, the Service Levels and the applicable Fees for the succeeding year and the Parties will agree in writing upon the Services, Service Levels and Fees for the succeeding year. In addition, each year AMD will notify Spansion of the Spansion T&M Rates for the next year. The Fujitsu Services Advisor may advise Spansion regarding all such matters in the Fujitsu Services Advisor’s reasonable judgment.
Annual Budget Process. Each year, in accordance with Spansion’s normal budget process, AMD shall meet with Spansion and assist Spansion as requested in developing an overall general administrative services budget, including expenditures that are to be paid directly by Spansion to third parties. Each such annual meeting will also address changes to the Services and the applicable Fees for the succeeding fiscal year and the Parties will agree in writing upon the Services, Service Levels (as applicable) and Fees for the succeeding year. The Fujitsu Services Advisor may advise Spansion regarding all such matters in the Fujitsu Services Advisor’s reasonable judgment.
Annual Budget Process. In preparation for the annual budget process, VDOT shall estimate toll revenues and anticipated allocation of the estimated toll revenues for the upcoming six-year period presented in the Six Year Financial Plan and Six Year Improvement Program and provide said estimates to NVTC not later than January 30th of each year.
Annual Budget Process. Each year, in accordance with Spansion’s normal budget process, AMD and Spansion will meet and address changes to the Services and the applicable Fees for the succeeding fiscal year and the Parties will agree in writing upon the Services, Service Levels (as applicable) and Fees for the succeeding year.
Annual Budget Process. Prior to June 1 of each year, the ME shall prepare a line-item budget, in the same format utilized by COUNTIES per Florida law, for consideration by the COUNTIES. Such budget shall be reviewed and approved by the DOMES Board prior to submittal to the COUNTIES for review. The COUNTIES shall review and approve the ME budget as part of their annual budget process. However, COUNTIES are requested to review the ME budget early in their budget process and meet individually or collectively with their DOMES Board appointee, the ME, and the ME’s staff. The resulting approved budget shall not require an amendment to this Agreement. Final approval of the ME budget shall rest with the Board of County Commissioners of each County.
Annual Budget Process. Each year, in accordance with Spansion’s normal budget process, Fujitsu shall meet with Spansion and assist Spansion as requested in developing an overall general administrative services budget, including expenditures that are to be paid directly by Spansion to third parties. Each such annual meeting will also address changes to the Services and the applicable Fees for the succeeding fiscal year and the Parties will agree in writing upon the Services, Service Levels (as applicable) and Fees for the succeeding year. The AMD Services Advisor may advise Spansion regarding all such matters in the AMD Services Advisor’s reasonable judgment.
Annual Budget Process. The Fiscal Year on which Subscription Fees are calculated commences on October 1 and ends on September 30 of the following calendar year. On or before June 30 of each year, GRUCom will provide each Subscriber with the Cost of the Radio System and Subscriber’s Subscription Fee for the following fiscal year.
Annual Budget Process. In preparation for the CTB’s annual budget process, 283 VDOT shall estimate toll revenues and anticipated allocation of the estimated toll 284 revenues for the upcoming six-year period presented in the Six Year Financial Plan 285 and Six Year Improvement Program and provide said estimates to NVTC not later 286 than January 30th of each year. ▇▇▇ ▇▇▇ ▇▇▇ agrees to do the following: 288 (a) Each year and in accordance with the schedule of the Department of 289 Planning and Budget of the Commonwealth, the CTB or the CTB's designee 290 shall request that the Governor include in the budget to be delivered to the 291 General Assembly during their next session a provision that there be 292 appropriated from the revenues expected from the Facility amounts 293 sufficient to pay the budgeted amount of funds expected to be provided to 294 NVTC during the next succeeding fiscal year or biennial period, as 295 applicable. 296 (b) The CTB shall use its best efforts to have (i) the Governor include, in 297 each biennial or any supplemental budget that is presented to the General 298 Assembly, the amounts described in (a) above and (ii) the General 299 Assembly deposit, appropriate and reappropriate, as applicable, such 300 amounts. 301 (c) The CTB shall take all actions necessary to have payments which are 302 made pursuant to (b) above charged against the proper appropriation made 303 by the General Assembly. 304 (d) The CTB shall notify the NVTC promptly upon becoming aware of any 305 failure by the General Assembly to appropriate for the next succeeding 306 fiscal year or biennial period, as applicable, amounts sufficient to pay the 307 budgeted amounts due NVTC.
Annual Budget Process. Not later than thirty (30) days after receipt by Owner of the proposed annual budget (the “Annual Budget”), Owner may deliver a written notice to Manager stating that Owner objects to any information contained in or omitted from such Annual Budget and setting forth the nature of such objection. Any failure by Owner to deliver such written notice within such thirty (30) day period shall be deemed to constitute Owner’s approval of the Annual Budget. Upon timely receipt of any such written notice, Manager shall within five (5) Business Days (or such longer period, not to exceed ten (10) Business Days, as shall be reasonably required to modify the proposed Annual Budget to address the objection of Owner) modify the Annual Budget and resubmit it to Owner for its approval. Any failure by Manager to resubmit the Annual Budget within the time periods as aforesaid shall be deemed to constitute Manager’s approval of Owner’s objections. Within five (5) Business Days of receipt of the resubmitted Annual Budget, Owner may deliver a further objection notice (in which event the resubmission and review process described above shall continue until the Annual Budget in question is approved by Owner). Any failure by Owner to deliver such written notice within such five (5) Business Day period shall be deemed to constitute Owner’s approval of the resubmitted Annual Budget. If Owner has not approved an Annual Budget for any calendar year by March 31 of such calendar year, either Owner or Manager may submit the Annual Budget to an Expert in accordance with Section 17.15 hereof.