Default Budget definition

Default Budget. ' as used in this subdivision means the amount of the same appropriations as contained in the operating budget authorized for the previous year, reduced and increased, as the case may be, by debt service, contracts, and other obligations previously incurred or mandated by law, and reduced by one-time expenditures contained in the operating budget. For the purposes of this paragraph, one-time expenditures shall be appropriations not likely to recur in the succeeding budget, as determined by the governing body, unless the provisions of RSA 40:14-b are adopted, of the local political subdivision.

Default Budget shall have the meaning given such term in Section 8.6.

Default Budget. ’ as used in this subdivision means the amount of the same appropriations as contained in the operating budget authorized for the previous year, reduced and increased, as the case may be, by debt service, contracts, and other obligations previously incurred or mandated by law, and reduced by one-time expenditures contained in the operating budget.

Examples of Default Budget in a sentence

• In the event that the proposed Operating Budget and Default Budget receive an equal number of votes, the Default Budget shall be considered approved.

• Both the Operating Budget and the Default Budget amount shall be subject to explanation, discussion, debate.

• Failure to pass a budget before March 1st will result in the Default Budget being forwarded to the Office of Budget and Fiscal Planning , the Oregon State University President, as well as other units and individuals deemed relevant by ASOSU leadership and members of ASOSU in relation to the passage of these budgets.

• The portfolio adviser or sub- adviser makes the decisions about portfolio transactions, including selecting the brokers, but these decisions are ultimately the responsibility of the Manager.

• Should this article be defeated, the operating budget shall be $ 37,511,593 (Default Budget) which is the same as last year with certain adjustments required by previous action of the district or by law; or the district may hold one special meeting in accordance with RSA 40:13, X, and XVI to take up the issue of the revised operating budget only.

More Definitions of Default Budget

Default Budget means the budget figure arrived at by following the calculations contained in RSA 40:13, X.

Default Budget shall have the meaning described in Section 7.03 hereof.

Default Budget is defined in Section 6.12(c) of the LLC Agreement [and generally means a budget, based on a specified formula, for any fiscal year for which no proposed budget is approved].

Default Budget means the amount calculated by starting with the amount of the appropriations contained in the operating budget authorized for the previous fiscal year, reduced and increased as the case may be by: 1) debt service, 2) contracts previously incurred, 3) salary and other related employee costs [benefits, taxes] previously incurred, and 4) other obligations previously incurred or mandated by law, and reduced by one time expenditures contained in the operating budget. For the purposes of this paragraph, one time expenditures shall be appropriations not likely to recur in the succeeding budget, as determined by the School Board.

Default Budget means, in the absence of an approved Operating Plan & Budget for performing the Services due to a disagreement between the Parties, the cost budget prepared by Operator in accordance with Section 5.02(c).

Default Budget means the amount calculated by starting with the amount of the appropriations contained in the operating budget authorized for the previous fiscal year, reduced and increased as the case may be by: 1) debt service, 2) contracts previously incurred approved and / or executed by the lawful date CBA’s must be approved by the second Tuesday in Januar y[rsa 39:3 and rsa 197:6by of the previous year or by voters at a special meeting held at any time prior to the annual meeting, 3) calculation of salary and other related employee costs [benefits, taxes] previously incurred shall be calculated using information as of September 1 of the current fiscal year , and 4) other obligations previously incurred or mandated by law, and reduced by one time expenditures contained in the operating budget. For the purposes of this paragraph, one time expenditures shall be appropriations not likely to recur in the succeeding budget, as determined by the School Board. The “Default Budget” is not in fact a budget. It is an “amount” that will be raised if the proposed operating budget is defeated. If the Default Budget is adopted because of the defeat of the Proposed Operating Budget, the amount raised and appropriated may be expended on any purpose contained in the School Board’s Proposed Operating Budget that was defeated. The total amount available for expenditure when operating under the Default Budget will not exceed the default amount plus the amount appropriated by separate and special warrant articles except as otherwise provided by laws such as, but not limited to, RSA 32:9-11, RSA 198:20b, RSA 186-C:13, II, and RSA 186-C:18, X.” For the purposes of this Section IV.B, “previously incurred” means on or before thefirst session of the Annual Meeting at which the default budget is presented to voters.” 3) In Article VI.A Warrant Articles in subsection 1, revise the article as follows:

Default Budget means a Default Direct Bill Budget (as such term is defined in the Operating Agreement).