Budget Shortfall definition

Budget Shortfall means the amount by which the aggregate cost as determined by the Lender acting on the advice of its quantity cost surveyor, to complete the construction of the Project after applying any cost savings to Cost Overruns, including hard and soft costs and the interest estimated to accrue due on the Construction Loan up to the date of completion of the Project, exceeds the unadvanced portion of the Construction Loan at such time;
Sample 1Sample 2Sample 3
Budget Shortfall means probable receipts from taxes or other sources of revenue for any fund or account will be less than were anticipated and that those receipts, plus existing revenues in the fund or account which are available, will be less than the amount appropriated;
Sample 1Sample 2Sample 3
Budget Shortfall means, for any period, the amount by which Budget Expenditures exceed Budget Receipts for such period.
Sample 1

Examples of Budget Shortfall in a sentence

  • In each fiscal year of this Agreement, all active or on-leave bargaining unit employees with a time base as of May 1 of the applicable fiscal year shall receive a Budget Shortfall Mitigation Bonus.

  • Gregory Pratt & John Byrne, Mayor Lori Lightfoot: Chicago’s Coronavirus Budget Shortfall at Least $700 Million, Chicago Trib.

  • Estimated CIS contract costs (excl pensionliability) Service budget Libraries reserveGrowth Budget (Note 1) Budget Shortfall Note 1: The growth budget is subject to Full Council approval in February 2018.

  • Most cooperators know that profits generated with members can provide a tax shelter and that patronage refund checks raise member good will.

  • Fran Spielman, Estimated 2020 Budget Shortfall Is $700 Million, Says Mayor, Who Won’t Rule Out Property Tax Increase, Chicago Sun-Times (June 9, 2020), https://chicago.suntimes.com/city-hall/2020/6/9/21285650/chicago-city-budget-shortfall-700- million-coronavirus-federal-help-lightfoot.

  • Projected ATO Operating Budget Shortfall FYs 2006-2010 United States Government Accountability OfficeH ighlights Accountability Integrity ReliabilityHighlights of GAO-05-724, a report to congressional requestersWhy GAO Did This StudyDating back to 1997, numerous reports have highlighted the need for the Federal Aviation Administration (FAA) to better control the growth in its Air Traffic Services operating costs, which account for about $6.5 billion or over 80 percent of FAA’s total annual operating costs.

  • These cost issues alongside early warning forecasts that the costs for the Fit Out are likely to be higher than anticipated and the underlying impacts of Covid- 19 and Brexit a Project Financial Review was commissioned from Focus Consultants in conjunction with the wider Project Team to: - Forecast the final Project Costs; - Undertake a re-evaluate the unsecured Project Funding underwritten by the Council and assess what funding can be potentially secured; - Identify the forecast Project Budget Shortfall.

  • Currently AfC has contracted working relationships with over 25 of our preferred supported accommodation providers through block and spotpurchasing arrangements who provide provision within and around our three council areas.This Framework provides an enlarged scope of access to accredited high quality placement provisions both in and out of borough.

  • Moreover, the Construction Agreement grants to NAI a right to cause a Termination of NAI’s Work at any time more than forty-five days after giving this notice, provided that NAI continues to believe that a Timing or Budget Shortfall exists at that time.

  • The solutions adopted in the Special Session, combined with additional federal funds and administrative actions reduced the size of Figure INT-02Changes in the Budget Gap(Dollars in Billions) Budget Shortfall Projected in the 2010-11 Governor's Budget-$19.9Special Session Approved Solutions1.4Achieved Federal Funds0.7Revenue Decline-0.6Cost Increases-0.5Increase in Reserve -0.2Total Budget Solutions Proposed-$19.1 the problem by $2.1 billion.

Related to Budget Shortfall

  • Interest Shortfall With respect to any Distribution Date and each Mortgage Loan that during the related Prepayment Period was the subject of a Principal Prepayment or constitutes a Relief Act Mortgage Loan, an amount determined as follows:

  • Relief Act Shortfall With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest or principal collectible on such Mortgage Loan for the most recently ended calendar month as a result of the application of the Relief Act.

  • Relief Act Shortfalls With respect to any Distribution Date and any Mortgage Loan as to which there has been a reduction in the amount of interest collectible thereon for the most recently ended calendar month as a result of the application of the Civil Relief Act, the amount, if any, by which (i) interest collectible on such Mortgage Loan for the most recently ended calendar month is less than (ii) interest accrued thereon for such month pursuant to the Mortgage Note.

  • Note Interest Shortfall means, for a Class and a Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the prior Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the prior Payment Date, together with interest on the excess amount, to the extent lawful, at the Note Interest Rate for the Class for that Interest Period.

  • Class B Interest Shortfall shall have the meaning specified in subsection 4.02(b).

  • Relief Act Interest Shortfall With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest collectible on such Mortgage Loan for the most recently ended calendar month as a result of the application of the Relief Act.

  • Net Interest Shortfall With respect to any Distribution Date, the Interest Shortfall, if any, for such Distribution Date net of Compensating Interest Payments made with respect to such Distribution Date.

  • Curtailment Shortfall For any Distribution Date and for any Curtailment received in the Prior Period, an amount equal to one month’s interest on such Curtailment at the Pass-Through Rate for the applicable Mortgage Loan.

  • Uncompensated Interest Shortfall With respect to a Loan Group, for any Distribution Date, the sum of (i) the aggregate Relief Act Shortfall for such Distribution Date with respect to the Mortgage Loans in such Loan Group, (ii) aggregate Curtailment Shortfall for such Distribution Date with respect to the Mortgage Loans in such Loan Group and (iii) the excess, if any, of (a) aggregate Uncollected Interest for such Distribution Date with respect to the Mortgage Loans in such Loan Group over (b) Compensating Interest for such Distribution Date with respect to the Mortgage Loans in such Loan Group. Uncompensated Interest Shortfall for Loan Group I shall be allocated to the Group I-L Regular Interests and the portions of the Group C-B-L Regular Interests that derive their Interest Distribution Amounts from the Group I Loans, pro rata according to the amount of interest accrued but unpaid on each such Class or portion thereof, in reduction thereof. Uncompensated Interest Shortfall for Loan Group II shall be allocated to the Group II-L Regular Interests and the portions of the Group C-B-L Regular Interests that derive their Interest Distribution Amounts from the Group II Loans, pro rata according to the amount of interest accrued but unpaid on each such Class or portion thereof, in reduction thereof. Uncompensated Interest Shortfall for Loan Group I shall be allocated to the Class I-X-M, Class C-Y-1 and Class C-Z-1 Regular Interests, pro rata according to the amount of interest accrued but unpaid on each such Class, in reduction thereof. Uncompensated Interest Shortfall for Loan Group II shall be allocated to the Class II-X-M, Class C-Y-2 and Class C-Z-2 Regular Interests, pro rata according to the amount of interest accrued but unpaid on each such Class, in reduction thereof.

  • Class A Interest Shortfall shall have the meaning specified in subsection 4.02(a).

  • Class Interest Shortfall As to any Distribution Date and Class, the amount by which the amount described in clause (i) of the definition of Class Optimal Interest Distribution Amount for such Class exceeds the amount of interest actually distributed on such Class on such Distribution Date pursuant to such clause (i).

  • Net Aggregate Prepayment Interest Shortfall With respect to any Distribution Date, the amount, if any, by which (a) the aggregate of all Prepayment Interest Shortfalls incurred in connection with the receipt of Principal Prepayments on the Mortgage Loans during the related Due Period, exceeds (b) the aggregate amount deposited by the Master Servicer in the Certificate Account for such Distribution Date pursuant to Section 3.19 in connection with such Prepayment Interest Shortfalls.

  • Available Funds Shortfall As defined in Section 3.03(b)(ii)(A).

  • Prepayment Interest Shortfall As to any Distribution Date and any Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was the subject of (a) a Principal Prepayment in Full during the portion of the related Prepayment Period that falls during the prior calendar month, an amount equal to the excess of one month's interest at the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan)) paid by the Mortgagor for such month to the date of such Principal Prepayment in Full or (b) a Curtailment during the prior calendar month, an amount equal to one month's interest at the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the amount of such Curtailment.

  • Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.

  • Net Short means, with respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments as of such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the Company or any Guarantor immediately prior to such date of determination.