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• 00-40 • <br /> (c) Subsequent Fiscal Year Budgets. The Board shall, <br /> at least sixty (60) days prior to the beginning of each <br /> Fiscal Year (other than the first Fiscal Year) adopt a <br /> Budget. Each Budget shall: <br /> (i) reasonably itemize the purposes for which <br /> monies are proposed to be expended by the District <br /> Association; <br /> (ii) specify the amount, if any, proposed to be <br /> expended by the District Association for debt service, <br /> if any; and <br /> (iii) set forth the total amount proposed to be <br /> expended. <br /> (d) Expenditures No Greater Than Collections and <br /> Surplus. The total annual expenditures in any Fiscal Year's <br /> Budget shall be no greater than the aggregate amount of all <br /> <br /> monies that the District Association proposes to collect for <br /> that Fiscal Year from all funding sources permitted under <br /> this Plan and any surplus from the previous Fiscal Year. <br /> (e) Compliance With Budget. The District Association <br /> shall make no expenditure other than in accordance with and <br /> <br /> pursuant to: <br /> (i) a Budget which has been approved by the <br /> Board; and <br /> (ii) the provisions of law and this Plan, if any, <br /> providing for the satisfaction of outstanding <br /> obligations of the District Association. <br /> (f) Modifications to Budget. The Board may revise the <br /> line items within any Budget; provided, however, that debt <br /> service obligations for the subject Fiscal Year shall be <br /> satisfied. If, in any Fiscal Year, the revenues and surplus <br /> of the District are not equal to or greater than, in the <br /> aggregate, the amount required to cover the expenditures for <br /> that Fiscal Year, the Board may choose not to implement any <br /> or all of the non-debt service expenditures set forth in the <br /> Budget. <br /> (g) Reimbursement of Advances. The Waikiki <br /> Improvement Association ("WIA") has advanced and will <br /> advance, prior to the receipt by the District Association of <br /> the first Fiscal Year's Assessments (defined below), funds <br /> to establish the Waikiki BID. The District Board will enter <br /> into an agreement with WIA to repay such advanced funds on <br /> such terms as shall be determined by the Board. Nothing in <br /> -7- <br /> 00-40 <br /> <br />