Common use of Development of the Collaborative Budget Clause in Contracts

Development of the Collaborative Budget. The Board shall annually determine the Collaborative budget consistent with the timelines, terms, and requirements in M.G.L. c. 40, § 4E, regulations promulgated by the Board of Elementary and Secondary Education, and this agreement. By May 15 of each year, the Executive Director shall propose a budget for the upcoming fiscal year to the Board. The Board shall hold a public hearing on the proposed budget prior to its adoption at a public meeting. The Board shall adopt the final budget by an affirmative majority vote at a subsequent meeting no earlier than ten (10) working days after the Board meeting at which the Collaborative budget was first proposed but no later than June 15 of the preceding fiscal year. Adoption of the budget shall require a majority vote Board. 1. The proposed budget shall contain all planned financial activity for the upcoming fiscal year. 2. Expenditures from grant funds, trust funds and other funds not designated as general funds that by law may be expended by the Board without further appropriation shall be segregated in the budget. 3. The proposed budget shall be classified into such line items as the Board shall determine.