Annual Cost-Share Budget Sample Clauses

Annual Cost-Share Budget. The Executive Committee shall approve an annual cost-shared budget for the administration and activities of the South Orange County WMA, its committees, projects, or actions, including any administrative support for the South Orange County WMA. The Annual Cost-Shared Budget requires approval by 80 percent of the members of the Executive Committee. The responsibility for payment of the Annual Cost Share Budget shall be distributed equally among the PARTIES. Each PARTY shall include their respective share of the Annual Cost-Shared Budget in their agency’s annual budget. The COUNTY shall invoice each city for its annual deposit at the beginning of each fiscal year. Each PARTY shall pay the deposit within 45 days of the date of the invoice. Each PARTY’s deposit shall be based on their prorated share of the approved Annual Budget, reduced for any surplus identified in the prior fiscal year end accounting. Interest earned on the PARTIES’ deposits will not be paid to the PARTIES, but will be credited against the PARTIES’ share of the program costs. The COUNTY shall prepare a fiscal year end accounting within 60 days of the end of the fiscal year. If the fiscal year end accounting results in costs (net of interest earnings) exceeding the sum of the deposits, the COUNTY shall invoice each PARTY for its prorated share of the excess cost. Each PARTY shall pay the billing within 45 days of the date of the invoice. If the fiscal year end accounting results in the sum of the deposits exceeding costs (net of interest earnings), the excess deposits will carry forward to reduce the xxxxxxxx for the following year. Upon termination of the program a final accounting shall be performed by the COUNTY. If costs (net of interest earnings) exceed the sum of the deposits, the COUNTY shall invoice each PARTY for its prorated share of the excess. Each PARTY shall pay the invoice within 45 days of the date of the invoice. If the sum of the deposits exceeds the costs, the COUNTY shall reimburse to each PARTY its prorated share of the excess, within 45 days of the final accounting. Interest earnings are used to offset the PARTIES’ share of program costs and will not be refunded to the PARTIES.
Sample 1
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  • Non-allowable Grant Expenditures The Grantee agrees to expend all grant funds received under this agreement solely for the purposes for which they were authorized and appropriated. Expenditures shall be in compliance with the state guidelines for allowable project costs as outlined in the Department of Financial Services’ Reference Guide for State Expenditures, incorporated by reference (dated February 2011), which are available online at xxxxxxxxxxxx.xxx/xxxxx/xxxxxxxxx_xxxxx. In addition, the following are not allowed as grant or matching expenditures:

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