Budget Update Clause Samples

Budget Update. No later than the third Business Day after the end of (x) every four calendar weeks in the case of clause (a) below (beginning with the four-week period ending on January 29, 2016) or (y) every calendar week in the case of clause (b) below, in each case, after the Closing Date (beginning with the week ending January 8, 2016), the Borrower will provide to the Administrative Agent and the Lenders: (a) a new thirteen (13)-week weekly budget, in form and substance substantially similar to the Initial Budget and containing information reasonably requested by the Majority Backstop Lenders (such budget, together with the Initial Budget, the “Budget”) (provided that the Majority Backstop Lenders, in their reasonable discretion, shall have the right to dispute any such updates by providing the Borrower notice thereof within five Business Days after the delivery by the Borrower of any such update; provided further that (i) to the extent the Majority Backstop Lenders do not provide such dispute notice within such five Business Day period, such update shall be deemed approved and consented to by the Backstop Lenders and shall be deemed to constitute the Budget upon the expiration of such five Business Day period and (ii) to the extent the Majority Backstop Lenders do provide such dispute notice within such five Business Day period, the then-existing Budget shall continue to constitute the applicable Budget until such time as an update is agreed to among the Borrower and the Majority Backstop Lenders); and (b) a variance report (the “Variance Report”), in form and substance reasonably satisfactory to the Majority Backstop Lenders, detailing the following: (i) the aggregate Receipts of the Borrower and its Subsidiaries during the four-week period ending on the Testing Date (the “Testing Period”) and the aggregate Operating Disbursements and other disbursements, in each case made by the Borrower and its Subsidiaries during such Testing Period; and (ii) any variance (whether plus or minus and expressed as a percentage) (a) between the aggregate Receipts of the Borrower and its Subsidiaries during such Testing Period against the aggregate Receipts set forth in the Budget for such Testing Period and (b) between the aggregate Operating Disbursements made during such Testing Period by the Borrower and its Subsidiaries against the aggregate Operating Disbursements set forth in the Budget for such Testing Period. (c) For purposes herein, “Testing Date” shall mean the last Busin...

Budget Update. (A) The Parent shall supply to the Agent (in sufficient copies for those Lenders which have requested copies) as soon as the same becomes available but in any event within 60 days of the end of each Accounting Quarter, an update of the projections contained in the most recent Operating Budget delivered to the Agent; and (B) Each update of the Operating Budget shall include the same items as are required to be included in the Budget. Each set of Financial Statements of the Parent (other than its management accounts for each Accounting Period), the Operating Budget and the update to the Operating Budget shall have been approved by a meeting of the board of directors of the Parent.

Budget Update. The Owner shall establish and update the Budget based on consultation with the Architect/Engineer, which shall include the Construction Cost, the Owner's other costs and reasonable contingencies related to all of these costs.

Budget Update. Expense Category Current Approved Recovery Act Budget (from workplan)* Recovery Act Costs Incurred This Quarter Recovery Act Costs Incurred To Date Total Recovery Act Funds Remaining Personnel Travel $5,000 Equipment Supplies $500 Contractual $191,000 Other $3,500 Total $200,000 Site Specific Budget Summary: Site Name Current Quarter Costs Cumulative Costs Incurred to Date

Budget Update. The portfolio’s current cash limit budget approved at the Budget Council Meeting was set at £21.330m. The table below illustrates the budget adjustments from the 2020/21 Quarter 3 position, which aligns to the PPRR 20/21 annual report. The indicative adjustments and savings were all agreed as part of the 2021/22 budget setting process. Partner Organisation Stranded Overhead Adjustment part year 60 Savings Proposal from 20/21; Reserves support reversal. (50) Adjustment to budget – resource and vacancy management plus additional waste income (70) The cash limit budget is illustrated in the table below illustrating gross expenditure and income to reflect the net cash limit budget: Employee Expenditure Non-Employee Expenditure Gross Expenditure Gross Income Net Cash limit Budget £000 £000 £000 £000 £000 Borough Leisure Facilities 19 640 659 0 659 Cemeteries and Crematoria 310 183 493 (963) (470) Climate Change 110 90 200 (200)* (0) Highways Maintenance 1,098 3,604 4,702 (1,380) 3,322 Housing Standards 299 8 307 (15) 292 Neighbourhoods 1,662 13,978 15,640 (960) 14,680 Public Protection 1,714 1008 2,722 (1,138) 1,584 Public Rights of Way 35 93 128 (29) 99 Road Safety 237 92 329 (264) 65 Strategic Housing 329 1,003 1,332 (1,332) (0) Street Lighting 0 3,481 3,481 (7) 3,474 Sustainable Policy 66 25 91 0 91 Traffic Services 610 257 867 (1,053) (186) Traffic Services (Parking) 704 1,527 2,231 (4,511) (2,280) *The £0.200m in the climate change income column is funded by a reserve and is not external income.

Budget Update. 49 ARTICLE 4 CONDITIONS.................................................................... 50 4.1 Conditions Precedent to Effectiveness of Agreement................................ 50 ARTICLE 5

Budget Update. The portfolio’s current cash limit budget approved at the Budget Council Meeting was set at £2.015m. The table below illustrates the budget adjustments from the 2020/21 Quarter 3 position, which aligns to the PPRR 20/21 annual report. The indicative adjustments and savings were all agreed as part of the 2021/22 budget setting process. Resource and vacancy management (50) The current cash limit budget is illustrated in the table below illustrating gross expenditure and income to reflect the net cash limit budget: Employee Expenditure Non-Employee Expenditure Gross Expenditure Gross Income Net Cash limit Budget £000 £000 £000 £000 £000 Building Control 438 62 500 (546) (46) Directorate 364 83 447 (493) (46) Economy Work & Skills (Growth)* 427 372 799 (215) 584 Feasibility 375 507 882 (882) 0 Head of Service Transport Capital 77 2 79 (79) 0 Employee Expenditure Non-Employee Expenditure Gross Expenditure Gross Income Net Cash limit Budget Head of Service Transport Strategy 118 75 193 (52) 141 Highways Design & Improvement 1,407 2,086 3,493 (3,119) 374 Markets 61 84 145 (41) 104 Planning 1,507 232 1,739 (1,218) 521 Program and Project Management 330 7 337 (337) 0 Town Centre Development 98 134 232 (74) 158 Transport Strategy 475 32 507 (282) 225 In 2020/21, the portfolio’s finances were severely impacted by Covid-19. For 2021/22 the Economy and Regeneration portfolio is estimated to outturn with a balanced position. This estimate assumes that this portfolio is recovers from the income losses related to Covid-19.

Budget Update. 60 ARTICLE 4 CONDITIONS..................................................... 61 4.1 Conditions Precedent to Effectiveness of Agreement................. 61 4.2 Each Credit Event.................................................. 63

Budget Update. ▇▇. ▇▇▇▇▇ informed the Board that we have found an additional 77 employees a position for next year. When the budget process began we estimated 728 employees would lose their job. As additional funds became available through state and county budget decisions, that number has come down considerably. That leaves PWCS with 136 people in need of a position for next year and work is continuing to further reduce this number.