Common use of THE ANNUAL BUDGET Clause in Contracts

THE ANNUAL BUDGET. 9.1 Redbridge in its role as the Accountable Body of Local London shall be the Lead Borough responsible for administering the Annual Budget. 9.2 Subject to the provisions of paragraph 9.3 each Local London Member will pay an Annual Contribution of £50k or such other sum as shall be agreed. Payments will be made on or before the 30 April in each year until termination of this Agreement. 9.3 The first Annual Contribution shall be payable within 30 days of the commencement of this Agreement. Such payment shall be the contribution payable to the Accountable Body. Annual payments thereafter shall be made payable to Accountable Body. 9.4 All agreed costs will be shared equally and be met from the Annual Budget. 9.5 Any underspends in any Financial Year will be carried forward unless all Local London Members agree to be reimbursed. Such agreement to be reached in accordance with paragraph 7.2 above. 9.6 Any overspends will be shared in equal parts and further equal contributions made by each of the Local London Members within 30 days of the overspend being determined by the out-turn report provided that such overspend has not arisen due to negligence, breach of this Agreement or authority being exceeded by any of the Local London Members. 9.7 In the event of any overspend or element of overspend caused by negligence, breach of this Agreement or authority being exceeded by any Local London Member to this Agreement, that Local London Member shall be solely responsible for the costs arising. 9.8 The Annual Contribution made under paragraph 9.2 may be increased in line with the rate of inflation in accordance with the annual percentage increase in the Consumer Price Index (CPI) provided a majority of the Local London Members agree. Any increase in excess of percentage increase in CPI shall require the written unanimous agreement of all Local London Members and approval in accordance with paragraph 7.2 above.