Five-Year Budget Sample Clauses
The Five-Year Budget clause establishes the requirement for creating and maintaining a financial plan that projects anticipated revenues and expenses over a five-year period. Typically, this clause outlines the process for preparing, reviewing, and updating the budget, and may specify who is responsible for its approval and what assumptions or methodologies should be used. Its core practical function is to ensure long-term financial planning and stability, enabling parties to anticipate future financial needs and obligations, and to make informed decisions based on projected financial performance.
Five-Year Budget. At least 60 days before the first day of each Contract Year, Operator shall prepare and submit to Owner a proposed budget for the next 5 Contract Years or the remaining term of the Agreement, whichever period is shorter. The proposed five-year budget shall be established on an annual basis and shall include separate operating and capital budgets. The proposed five-year budget shall also set forth, in detail acceptable to Owner, (i) anticipated operations, repairs and capital improvements, (ii) maintenance and overhaul schedules, (iii) planned procurement (including equipment, spare parts, and consumable inventories), (iv) labor activities (including staffing, labor rates, and holidays), (v) administrative activities, and (vi) other work proposed to be undertaken by Operator, together with an itemized estimate of all Reimbursable Costs to be incurred, accompanied by the underlying assumptions and implementation plans of the proposed five-year budget. Owner shall review Operator's proposed five-year budget within 30 days following receipt of the proposal. Owner may, by written request, propose changes, additions, deletions and modifications to the proposals. Owner and Operator will then meet and use their reasonable commercial efforts to agree upon a final five-year budget (the "Five-Year Budget"), which shall be approved in writing by both Parties. If a final Five-Year Budget is not approved in its entirety by both parties, the proposed five-year budget submitted by Operator, together with Owner's final suggested changes, additions, deletions and modifications shall serve as the Five‑Year Budget. The Five-Year Budget shall be used only for planning and comparison purposes, and shall not constrain Operator in its actions or expenditures, provided, however, that Operator shall be required to conform in its operations to the Annual Budget and Annual Project Operating Plan as provided in this Agreement.
Five-Year Budget. The Executive Committee shall break down the 20 year adaptive management costs into five year intervals corresponding with the estimated permit terms. The Five Year Budget shall be approved by a majority of the Member Representatives present in the meeting of the Group in which action on the Project Budget is taken. The Five Year Budget shall be updated no less than every five years and approved by the Group. Estimated project costs shall be allocated equally over the 20 year Adaptive Management Plan period to the extent practicable.
Five-Year Budget. Each eligible school or library shall be eligible for a budgeted amount of support for cat- egory two services over a five-year funding cycle beginning the first fund- ing year support is received. Excluding support for internal connections re- ceived prior to funding year 2015, each school or library shall be eligible for the total available budget less any sup- port received for category two services in the prior funding years of that school’s or library’s five-year funding cycle. The budgeted amounts and the funding floor shall be adjusted for in- flation annually in accordance with § 54.507(a)(2).
Five-Year Budget. At least 60 days before the first day of each Contract Year, Operator shall prepare and submit to Owner a proposed budget for the next 5 Contract Years or the remaining term of the Agreement, whichever period is shorter. The proposed five-year budget shall be established on an annual basis and shall include separate operating and capital budgets. The proposed five-year budget shall also set forth, in detail acceptable to Owner, (i) anticipated operations, repairs and capital improvements,
Five-Year Budget. The projected budget for the Company's first five years of operations shall also be approved by the Members simultaneously with the execution of this Agreement. The parties acknowledge that such matters are inherently uncertain and that this budget shall not be construed as a representation or warranty as to future performance.