PLANNING AND BUDGETS. No later than March 1st of each year, TOUCHSTONE and CITY shall have prepared and received CITY’s approval of the annual budget (which shall include a line item budget by month of all revenue, costs of goods, operating expenses, payroll costs, management expenses, and other expenditures necessary for Full Management of the Golf Course Facility), marketing calendar, capital improvement plan, facility improvement plan, and equipment plan (collectively, the “Annual Budget”). Until such time that the Annual Budget is complete and approved by CITY, TOUCHSTONE shall use its best commercially reasonable efforts to operate the Golf Course Facility under the existing budget framework provided by TOUCHSTONE to CITY or in a manner consistent with the current market position of the Golf Course Facility. The capital improvement plan, facility improvement plan and equipment plan shall be reviewed by CITY to identify expenses, if any, to be excluded from the EBITDA calculation.
PLANNING AND BUDGETS. 28 8.1 Annual Business Plan.......................................................................28 8.2
PLANNING AND BUDGETS. No later than December 20th in the first year of the Contract Period and for subsequent calendar years, TOUCHSTONE and CITY shall have prepared and received CITY’s approval of the annual budget, marketing calendar, capital improvement plan, facility improvement plan and equipment plan. Until such time that the budget is complete and approved by CITY, TOUCHSTONE shall use its best commercially reasonable efforts to operate the Golf Course Facility under the existing budget framework provided by TOUCHSTONE to CITY or in a manner consistent with the current market position of the Golf Course Facility.
