Common use of Operating Funds Clause in Contracts

Operating Funds. On or before June 1 of each year, Organization shall prepare a work plan and an operating budget for the following year. The annual budget shall budget provide details to support the proposed revenues and expenditures for the Organization. This detail shall be sufficient to meet standard budget and/or accounting principles generally recognized for governmental organizations. Expenditures may include administrative expenses, plan development costs, review expenses, capital improvement costs, Management Programs, Management Studies costs in Section 3.12, and insurance costs as authorized in Section 3.14. Upon the approval of the majority of voting members of the Organization, the budget shall be recommended to the parties for ratification along with a statement showing each party's proposed share of the budget. The budget shall be implemented only after ratification by each party to this Agreement. Failure to ratify or pay its share of the budget by any party to this Agreement shall be subject to the procedures in Section 3.6. Each party shall contribute funds toward the budget according to the following methods: Work Plan – ((PA / WA) + (PV / WV)) / 2 = the party's percentage share of the organization's operating budget. PA = Party's area within the watershed organization area WA = watershed organization area PV = party's market valuation within the watershed organization area WV = market valuation of the watershed organization area Operating Costs – Total amount to be divided equally between each community member of the Joint Powers Agreement. Operating costs per the operating budget are defined as copies, postage, recording secretary fees, insurance, and administrative fee charged to each member community. After ratification the chair or vice-chair shall certify the recommended budget to each party on or before June 1 of each year together with a statement showing the amounts due from each party. Each party shall pay over to the Organization the amount owing in two equal installments, the first on or before January 1 and second on or before July 1 in accordance with the tax year for which the amount due is being paid.

Operating Funds. On or before June 1 of each year, Organization shall prepare a work plan and an operating budget for the following year. The annual budget shall budget provide details to support the proposed revenues and expenditures for the Organization. This detail shall be sufficient to meet standard budget and/or accounting principles generally recognized for governmental organizations. Expenditures may include administrative expenses, plan development costs, review expenses, capital improvement costs, Management Programs, Management Studies costs in Section 3.12, and insurance costs as authorized in Section 3.14. Upon the approval of the majority of voting members of the Organization, the budget shall be recommended to the parties for ratification along with a statement showing each party's proposed share of the budget. The budget shall be implemented only after ratification by each party to this Agreement. Failure to ratify by any party or pay its share of the budget by any party to this Agreement shall be subject to the procedures in Section 3.63.6within 60 days of receipt constitutes approval. Each party shall contribute funds toward the budget according to the following methods: Work Plan Costs – ((PA / WA) + (PV / WV)) / 2 = the party's percentage share of the organization's operating budget. PA = Party's area within the watershed organization area WA = watershed organization area PV = party's market valuation within the watershed organization area WV = market valuation of the watershed organization area Operating Costs – Total amount to be divided equally between each community member of the Joint Powers Agreement. Operating costs per the operating budget are defined as copies, postage, recording secretary fees, insurance, and administrative fee charged to each member community. The administrative fee may include fees for general administrative services, annual reporting to the State and member communities, required public notice postings, and required advertisement for bids for secretarial or administrative professional services. After ratification the chair or vice-chair shall certify the recommended budget to each party on or before June 1 of each year together with a statement showing the amounts due from each party. Each party shall pay over to the Organization the amount owing in two equal installments, the first on or before January 1 and second on or before July 1 in accordance with the tax year for which the amount due is being paid.

Operating Funds. On or before June 1 1st of each year, the Organization shall prepare a work plan and an operating budget for the following year. The annual budget shall budget provide details to support the proposed revenues and expenditures for the Organization. This detail shall be sufficient to meet standard budget and/or accounting principles generally recognized for governmental organizations. Expenditures may include administrative expenses, plan development costs, review expenses, capital improvement costs, Management Programs, Management Studies costs authorized in Section 3.12, and insurance costs as authorized in Section 3.14. Upon the approval of the a majority of voting members the partners of the Organizationthis agreement, the budget shall be recommended to the parties for ratification along with a statement showing each party's proposed share of the budget. The budget shall be implemented only after ratification by each party all parties to this Agreement. Failure to ratify or pay its share of the budget by any party to this Agreement shall be subject to the procedures in Section 3.6. Each party shall contribute funds toward party’s share of the budget according to operating cost is based on 50% of their portion of the following methods: watershed’s Total Market Value (TMV) and 50% of their portion of the Total Taxable Watershed Acreage (TWA). Work Plan – - ((PA / WA) + (PV / WV)) / 2 = the party's percentage share of the organization's operating budget. PA = Party's area within the watershed organization area WA = watershed organization area PV = party's market valuation within the watershed organization area WV = market valuation of the watershed organization area Operating Costs – - Total amount to be divided equally between each community member members of the Joint Powers Agreement. Operating costs per the operating budget are defined as copies, postage, recording secretary fees, insurance, and administrative fee charged to each member community. After ratification by the chair organization, the Organization Chair or vice-chair Vice Chair shall certify the recommended budget to each party on or before June 1 of each year together with a statement showing the budgeted amounts due from applicable to each party. Each party shall pay over to the Organization the amount owing in two (2) equal installments, the first on or before January 1 15 and the second on or before July 1 15 in accordance with the tax year for which the amount due is being paid.