Operating and Capital Budget Sample Clauses
The Operating and Capital Budget clause defines the process and requirements for preparing, submitting, and approving the financial plans that govern both day-to-day operations and long-term investments of a project or organization. Typically, this clause outlines who is responsible for drafting the budgets, the timelines for submission, and the approval procedures, as well as what types of expenses are included under operating versus capital budgets. Its core function is to ensure financial discipline and transparency by setting clear expectations for how resources will be allocated and spent, thereby preventing misunderstandings and disputes over financial management.
Operating and Capital Budget. In FY 2018/2019, SunLine plans to have an operating budget of $38,900,991 and a capital project budget of $6,053,623. The operating budget will absorb cost increases in wages and benefits, some new operating and administrative staff positions, as well as other direct costs increases associated with operating service. SunLine utilizes funding from various sources to operate its fixed route and paratransit services. Additional revenue opportunities are pursued in order to reduce subsidy levels. These additional revenue sources include SunLine’s bus and shelter advertising, sales of emission credits, outside CNG fuel sales revenue, taxi voucher sales and funding from two jurisdictions for bus shelter maintenance.
Operating and Capital Budget. (i) Assist the Owner and Administrator as necessary in preparing a proposed budget for the Wind Plant (the “Operating and Capital Budget”), detailing the expected revenue and expenses for the following year. In the event that a proposed Operating and Capital Budget is not adopted by the Owner within the time indicated, the Owner shall so notify the O&M Contractor, and the Operating and Capital Budget, prepared and approved for the previous year, including in the case of the Operating and Capital Budget for the second year of operations, the First Year’s Operating and Capital Budget attached as Exhibit C shall be utilized until such time as the new Operating and Capital Budget is approved. Proposed revisions to the Operating and Capital Budget may be submitted from time to time by the O&M Contractor, that, if approved by the Owner (such approval not to be unreasonably withheld), shall replace the existing Operating and Capital Budget for the remainder of the relevant year. The bona fide costs and expenses incurred by the O&M Contractor in connection with the provision of the Services in accordance with the most recently approved Operating and Capital Budget shall not require any additional approval of the Owner; provided, however, that the O&M Contractor shall nevertheless be responsible for ensuring that such expenditures are commercially reasonable, bona fide and necessary.
(ii) If, during any calendar year the O&M Contractor believes that a variance in excess of ten percent (10%) is reasonably likely to occur between the actual expense of operating and maintaining the Wind Plant and the budgeted expense of operating and maintaining the Wind Plant, the O&M Contractor shall promptly notify the Owner of such belief in writing and advise the Owner of the necessary revisions to the annual operating budget and the reasons for those revisions. If the Owner agrees, the Parties shall proceed in good faith to revise the Operating and Capital Budget in such manner for the balance of the year.
Operating and Capital Budget. (a) The Borrower shall, prior the Initial Partial-Taking Over Date, adopt an Operating and Capital Budget for the Project for the period from such date to the conclusion of the then current Fiscal Year (and for each month during such period), and, no less than fifteen (15) days in advance of the beginning of each Fiscal Year of the Borrower thereafter, the Borrower shall adopt an Operating and Capital Budget for the Project for the succeeding Fiscal Year (and for each month during such period). A copy of each such proposed Operating and Capital Budget, together with a comparison of the costs in the proposed Operating and Capital Budget with the costs set forth in the Operating and Capital Budget for the Project for the current Fiscal Year and an explanation of the reasons for any significant increase or decrease in any category shall be furnished to the Administrative Agent at least thirty (30) days before (i) the Scheduled Partial Taking-Over Date (as defined in the EPC Contract) for the first Generator Set and (ii) the beginning of each Fiscal Year to which such proposed Operating and Capital Budget applies. Prior to adoption thereof, the proposed Operating and Capital Budget for the Project shall be subject to the prior approval of the Administrative Agent, following consultation with the Independent Engineer, which approval shall not be unreasonably withheld or delayed. A copy of the final Operating and Capital Budget so adopted for the Project shall be furnished to the Administrative Agent promptly upon its adoption. The Administrative Agent shall have the right to approve all or a portion of any proposed Operating and Capital Budget for the Project. In the event that any proposed Operating and Capital Budget (or a portion thereof) for the Project is not approved by the Administrative Agent, the Operating and Capital Budget (or such portion thereof that is not approved) for the Project from the previous Fiscal Year shall apply for the then-current Fiscal Year, subject to annual adjustments for inflation (and shall for all purposes hereof be deemed to be part of the approved Operating and Capital Budget for such Fiscal Year) until an Operating and Capital Budget (or such portion of the proposed Operating and Capital Budget) for the Project is approved.
(b) The Borrower shall comply, within the 10% variance described below, with the applicable Operating and Capital Budget. If during any Fiscal Year the Borrower reasonably projects that any category of O...
Operating and Capital Budget. As soon as available and in any event within --- ---------------------------- thirty (30) days after the end of each fiscal year of SPI, an operating and capital budget for the Borrowers for the next succeeding twelve (12) months, prepared by the chief financial officer of SPI. Borrowers have furnished to Lenders an initial operating and capital budget dated as of the date hereof and attached hereto as SCHEDULE 9.2 containing the information required by this ------------ SECTION
Operating and Capital Budget