Budget and Financial Management. 4.1 Each year the Fire Board shall submit in writing to each of the Councils a draft budget for the operation of the ITFD for the upcoming year. The budget shall be structured such that the administrative requirements, expected wage costs for volunteer firefighters (emergency call response and training), and ITFD Station operating and Capital costs, transfers to and from reserves, and any other revenue sources are readily identifiable.
4.2 Each Party shall approve such draft budget, or any amendments thereto as agreed to by both Councils on or before the 1st of February of each year.
4.3 All assessments, costs, charges, claims and demands, including the cost of establishing maintaining, insuring and operating the ITFD, salaries, wages, and purchase of equipment and apparatus shall be borne by and paid for by the Corporations of the Township of Georgian Bluffs and the Municipality of Meaford on a 75% / 25% share basis, net of fire calls and any other revenues, as established in the current year’s budget, with such payment to be made through the ITFD.
4.4 The Parties agree that for the purposes of the financial terms and commitments to this Agreement, all Capital and operating costs shall be incurred as per the formula outlined in paragraph 4.3 of this Agreement.
4.5 The Fire Board has the authority pursuant to this Agreement to increase the ITFD Budget by up to three percent (3%) annually, if the Fire Board deems appropriate.
4.6 Any surplus arising from ITFD operations shall be transferred to a reserve maintained by the Fire Board (the “ITFD Reserve”). The ITFD Reserve shall fund any deficit arising from operations of the Department in the year the deficit was realized. All reserve funds held by the Parties will be transferred to the ITFD Reserve upon the Parties’ execution of this Agreement.
4.7 Each annual draft budget submitted to the Councils shall include an appropriate provision for the ITFD Reserve. Such contributions to the Reserve shall be placed in a separate deposit account as may be approved by the Fire Board in the care and custody of the Treasurer. The Treasurer shall submit a report to the Fire Board on the status of the Reserve Fund as part of the annual budget process.
4.8 The Fire Board shall establish a ten (10) year asset management plan. Capital costs will be based on the 10 year asset management plan, and budgeted to create stable costs each year, with reserve contributions/draws as appropriate each year.
4.9 The Fire Board shall invo...
Budget and Financial Management. (a) Design and implementation of a budget program, which program consists of, inter alia: (i) the carrying out of a review of the regulatory framework governing the preparation and execution of the Borrower’s annual budget, and thereafter, based on the recommendations of said review, the development of a proposal to convert the current budget structure on a results-informed budget; (ii) the design and implementation of a pilot medium term program to monitor and evaluate the Borrower’s annual budget; (iii) the improvement of the current expenditure monitoring program, through the establishment of an expenditure monitoring system so as to provide up-to-date information concerning ongoing budget execution and effectively allocate resources to public social services; and
Budget and Financial Management. Navitas prepares a project cost estimate during the project development. In addition, we seek cost estimates and bids from equipment suppliers and subcontractors before finalizing the project with the client. This provides a strong foundation for understanding the finalized budget that is openly shared with the client. Throughout the project, our project manager will use a budget analysis tool that works like a checkbook in the sense that all expenses and credits are recorded as they are made. A separate line item will be established by building, by energy conservation measure to be managed and tracked. The original budget amounts will be supported with contracts with subcontractors and vendors. Unlike a traditional accounting system, which can lag several weeks behind, this gives the project manager a real-time view of the project’s financial status and allows the project manager to make informed decisions about the project. The budget is established and agreed to upfront, and then updated regularly for meetings throughout the project. The result is long-term value that is created by eliminating the need for change orders and surprises that can come up at the end of the construction.
Budget and Financial Management. The partners have developed a budget of human and financial resources based on the available resources at the launch of the project (see appendix 3). The financial budget will be updated during the project period, considering progress, requirements, lessons and any additional funding available to the GSAI programme pool funds. The IDI is responsible for funding project activities budgeted for the GSAI programme funds. The responsibilities for payments and management of funds are set in appendix 4. The other partners commit to adhering to the financial management conditions of IDI and provide IDI with key information required for reporting to its donors. All procurements must be done in compliance with the IDI policies and procedures, ensuring competition, economy and value for money. Applicable IDI policies such as Procurement, Safeguarding policy, Anti-corruption policy, Code of Ethics can be found at the IDI webpage here. Partners are obliged to inform each other should there be any risks or incidents related to misuse of funds. IDI is required to practice zero tolerance against corruption and other financial irregularities within and related to the project. Financial irregularities refer to all kinds of: • corruption, including bribery, nepotism and illegal gratuities; • misappropriation of cash, inventory and all other kinds of assets; • financial and non-financial fraudulent statements; • all other use of Project funds which is not in accordance with the implementation plan and budget. For per diems, the UNDP rates will apply for all partner representatives. All costs are expected to be kept moderate. This includes use of economy class for travels, economic selection of hotels for events and assessment of the cost and benefits related to physical meetings versus online events. For further conditions and routines related to financial management and logistics, see appendix 4.
