Establishment of Operating Budget. 4.1.1 The Operating Budget for the First Contract Year is attached hereto as Exhibit IIA.
Establishment of Operating Budget. (a) Manager agrees that prior to each Operating Year in respect of such year, it will prepare and submit to the University a line item budget for the Facility (as approved by the University pursuant to Section 9.2, the “Operating Budget”). Each annual Operating Budget shall include, at a minimum, a projected income and expense statement and projected year-end balance sheet and statement of projected sources and applications of funds. Additionally, each annual Operating Budget shall include but not be limited to the following projections, presented on a monthly and annual basis: (a) gross revenues, (b) operating expenses, and (c) cash flow budget, and shall include appropriate back-up detail regarding events, attendance, and other relevant event-related financial information. The Operating Budget shall serve as an estimate of expected revenue and expenses for the Facility. The University agrees to provide Manager with all information in its possession necessary to enable Manager to prepare the Operating Budget. The parties agree that the operating expenses of the Facility shall not include Capital Expenditures (as defined in Article 13), and debt service.
Establishment of Operating Budget. (a) Manager agrees that prior to the Effective Date in respect of the first Operating Year, and prior to the commencement of each subsequent Operating Year in respect of such year, it will prepare and submit to the City a line item budget for the Facility (as approved by the City pursuant to Section 8.2, the “Operating Budget”). Each annual Operating Budget shall include, at a minimum, a projected income and expense statement and projected year-end balance sheet and statement of projected sources and applications of funds. Additionally, each annual Operating Budget shall include but not be limited to the following projections, presented on a monthly and annual basis:
Establishment of Operating Budget. Attached hereto as Exhibit C is the Operating Budget for the Stub Operating Year and first Operating Year, which Operating Budgets are hereby approved by both OVG and Owner. OVG agrees that at least 90 days prior to the commencement of each subsequent Operating Year, in respect of such year, it will prepare and submit to Owner its proposed Operating Budget for such year. Each annual Operating Budget shall include OVG’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year. Owner agrees to provide OVG with all information in its possession necessary to enable OVG to prepare each Operating Budget. Notwithstanding the foregoing, Owner shall have no duty to provide any information which is subject to confidentiality agreements with third parties, which constitutes confidential or proprietary information or trade secrets, or which is prohibited from disclosure by any applicable Laws, but shall be solely responsible to the extent such information has a material impact on any applicable Operating Budget (i.e., if withholding such information has prevented OVG from reasonably foreseeing an expense, such expense shall be borne by Owner directly).
Establishment of Operating Budget. (a) TSJ shall submit to the City, on or before February 1st of each Operating Year (unless otherwise indicated), a proposed operating budget (the “Proposed Operating Budget”) which shall address each of the Performance Measures and Incentive Fee Measures, and shall include revenue and estimated Transient Occupancy Tax transfer needed from Fund 536 to support operations. The City will review the Proposed Operating Budget and, during the period between February 1st and March 1st, City and TSJ will work toward developing a final Proposed Operating Budget. The Proposed Operating Budget will address each of the following:
Establishment of Operating Budget. Attached hereto as Exhibit B is the Operating Budget for each of the Event Center and the Theatre for the first (1st) Operating Year (Effective Date through June 30, 2018), which Operating Budgets are hereby approved by both Manager and City, provided that such Operating Budgets shall be deemed amended to include the cost of the fees due to Manager under Article 3 above for such period. Manager agrees that in August prior to the next Operating Year, it will prepare and submit to the City a proposed initial Operating Budget for each of the Event Center and the Theatre for such year. The parties shall then review, discuss and modify (as necessary) such proposed initial budget, with the goal of reaching a final budget in accordance with City policy prior to the next Operating Year. Each annual Operating Budget for the Event Center and Theatre shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year for such facility. The City agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget. The parties acknowledge that Manager may, subject to the approval of the City, utilize certain staff members or other resources from its management of the Event Center to assist at the Theatre, and vice versa. In such case, the cost of employing such individuals or cost of other shared resources shall be allocated between the Operating Budgets for the Event Center and the Theatre in a manner mutually agreed by the Manager and the City.
Establishment of Operating Budget. At least 60 days prior to the commencement of each Operating Year in respect of such year, Manager will prepare and submit to the City its proposed Operating Budget for such year. Each annual Operating Budget shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year, and shall include a separate, dedicated capital improvements budget. The City agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget. The City acknowledges that notwithstanding the Manager's experience and expertise in relation to the operation of facilities similar to the Facility, the projections contained in each Operating Budget are subject to and may be affected by changes in financial, economic and other conditions and circumstances beyond the Manager’s control. Manager will include in each Operating Budget expenses for public use of the building for four (4) events per Operating Year in coordination with the City.
Establishment of Operating Budget. Attached hereto as Exhibit C is the Operating Budget for the first (1st) Operating Year, which the parties acknowledge was established without Manager’s input. Such Operating Budget shall be deemed amended to include the Fixed Management Fee for the first Operating Year. Manager agrees that by the September 30 immediately preceding the commencement of each subsequent Operating Year, it will prepare and submit to the Owner its proposed Operating Budget for such year. Each annual Operating Budget shall include Manager’s good faith projection of Revenues and Operating Expenses, presented on a monthly and annual basis, for the upcoming Operating Year. The Owner agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget.
Establishment of Operating Budget. Manager agrees that at least one hundred twenty (120) days prior to the commencement of each Contract Year in respect of such year, it will prepare and submit to CRDA its proposed Operating Budget for the Civic Center. The proposed Operating Budgets shall include Manager’s good faith projection of Gross Revenues and Operating Expenses, Event activity and other statistics meeting the Industry Standard presented on a monthly and annual basis, for the upcoming Contract Year. XXXX agrees to provide Manager with all information in its possession necessary to enable Manager to prepare each Operating Budget.
