Fiscal Year Budgets Clause Samples

Fiscal Year Budgets. The fiscal year for the Facility shall -------------------- be June l through May 31. At least forty-five (45) days prior to the start of each fiscal year, Manager shall prepare and submit to Owner for its review and approval, which approval shall not be unreasonably withheld or delayed, an annual operating budget and an annual capital expenditure budget for the following year (collectively, the "Budgets"). In addition, Manager shall concurrently prepare and submit to Owner for its review and approval, which approval shall not be unreasonably withheld or delayed, budget projections for the two years following such annual Budgets. Representatives of Owner and Manager shall meet promptly thereafter to resolve any disagreements concerning such Budgets and projections. Thereafter, Manager shall be entitled to make or to commit Owner to make expenditures which are reflected in the Budgets or which are not expected to result in total "routine" expenses accrued during the then current fiscal year exceeding the budgeted amount therefor by 5% or more (the "Budget Threshold"). Except for emergency repairs referred to in Section 2H. hereof, any unbudgeted expenditures and/or expenditures in excess of the Budget Threshold shall be subject to Owner's approval, which approval shall not be unreasonably withheld or delayed. Notwithstanding the foregoing, Manager shall have the right to propose reasonable adjustments to the budget applicable to the fiscal year ending May 31, 1990, which adjustments Owner may in its reasonable discretion implement to the extent feasible.