Common use of Approval of Annual Operating Budget Clause in Contracts

Approval of Annual Operating Budget. The Host District will prepare a summary of the total anticipated revenue from state and other sources. The anticipated revenue will be used by the Director to prepare a preliminary budget for the proposed operation and financing of the Skills center to be reviewed by the Administrative Council and Consortium Districts. The Administrative Council shall review and approve the proposed budget no later than May 1 in order to meet the submission timelines of the Host District for approval by the Board of Directors. The Host District shall maintain Skills Center budgetary accounts as required by law.

Approval of Annual Operating Budget. The Host District will prepare a summary of the total anticipated revenue from state and other sources. The anticipated revenue will be used by the Director to prepare a preliminary budget for the proposed operation and financing of the Skills center Center to be reviewed by the Administrative Council and Consortium Districts. The Administrative Council shall review and approve the proposed budget no later than May 1 in order to meet the submission timelines of the Host District for approval by the Board of Directors. The Host District shall maintain Skills Center budgetary accounts as required by law.