Common use of ANNUAL SPENDING PLAN Clause in Contracts

ANNUAL SPENDING PLAN. As part of its Annual Program Report, each Party must submit to the other and the SOC for review an Annual Spending Plan for the subsequent Fiscal Year. In FY 2024-25, the Parties will present their respective Annual Spending Plans in a form reasonably designed to identify Programs funded under the Agreement for that Fiscal Year. Starting in FY 2025-26, the Parties will before April 1 submit their Annual Spending Plans using a template they jointly create and approve. If the Annual Spending Plan is amended by a Party’s governing body, that Party must submit to the other Party and the SOC the amended Annual Spending Plan within 60 days of the governing body’s approval. Each Party agrees to provide Funding for Programs as described in their Annual Spending Plans; provided, however, if Programming is funded with funds from the other Party, then the Party receiving such funds is only obligated to provide Funding for Programs in the amounts actually received from the other Party. Each Party will present their respective Annual Spending Plan to the Portland City Council and the Multnomah County Board of Commissioners at Joint Session to be held prior to May 1 each Fiscal Year during the Term.