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6.3 SUBSEQUENT FISCAL YEAR BUDGETS. The District Board shall, at least sixty (60) days <br /> prior to the beginning of each fiscal year (other than the first fiscal year) adopt a <br /> budget. Each budget shall: <br /> 6.3.1 Sources and Uses. Reasonably itemize the sources and purposes for which <br /> monies are proposed to be expended by the District Association; <br /> 6.3.2 Debt Service. Specify the amount, if any, proposed to be expended by the <br /> District Association for debt service, if any; and <br /> 6.3.3 Total. Set forth the total amount proposed to be expended. <br /> 6.4 EXPENDITURES No GREATERTHAN COLLECTIONSAND SURPLUS. The total annual <br /> expenditures in any fiscal year's budget shall be no greater than the aggregate <br /> amount of all monies that the District Association proposes to collect for that fiscal <br /> year from all funding sources permitted under this District Plan and any surplus <br /> from the previous fiscal year. <br /> 6.5 COMPLIANCE WITH BUDGET. The District Association shall make no expenditure other <br /> than in accordance with and pursuant to: <br /> 6.5.1 Budget. A budget which has been approved by the District Board; and <br /> 6.5.2 Legal Obligations. The provisions of law and this District Plan, if any, <br /> providing for the satisfaction'of outstanding obligations of the District <br /> Association. <br /> 6.6 MODIFICATIONS To BUDGET. The District Board may revise the line items within any <br /> budget; provided, however, that debt service obligations for the subject fiscal year <br /> shall be satisfied.,If, in any fiscal year, the revenues and surplus of the District are <br /> not equal to or greater than, in the aggregate, the amount required to cover the <br /> expenditures for that fiscal year, the District Board may choose not to implement <br /> any or all of the non-debt service expenditures set forth in the budget. <br /> 6.7 REIMBURSEMENT OFADVANCES. The District Association may enter into an agreement <br /> to receive advanced funds prior to the receipt by the District Association of the first <br /> fiscal year's assessments. Terms shall be determined by the District Board. Nothing <br /> in this District Plan shall preclude the District Board from approving budgets that <br /> contain expenditures to reimburse for funds advanced to establish the District. <br /> 6.8 FINANCIAL RECORDS. <br /> 6.8.1 Requirements. The District Board shall maintain financial records regarding <br /> the operation and the contracts for supplemental services and <br /> improvements. <br /> Downtown Hilo BID District Plan 6 Draft-9/14/2022 <br />