COM 0183.000 2006-2008 - Laserfiche WebLink

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Total Expenses $666,956 c) Subsequent Calendar Year Budgets. The Boazd shall, at least sixty (60) days prior to the beginning of each calendaz yeaz (other than the first calendar yeaz) adopt a Budget. Each Budget shall: i) reasonably itemize the purposes for which monies are proposed to be expended by the District Association; ii) specify the amount, if any, proposed to be expended by the District Association for debt service, if any; and iii) set forth the total amount proposed to be expended. (d) Expenditures No Greater than Collections and Surplus. The total annual expenditures in any calendaz year's Budget shall be no greater than the aggregate amount of all monies that the District Association proposes to collect for that calendar year from all funding sources permitted under this Plan and any surplus from the previous calendaz year. (e) Compliance with Budget. The District Association shall make no expenditure other than in accordance with and pursuant to: (i) a Budget which has been approved by the Boazd; and (ii) the provisions of law and this Plan, if any, providing for the satisfaction of outstanding obligations of the District Association. (f) Modifcations to Budget. The Board may revise the line items within any Budget; provided, however, that debt service obligations for the subject calendaz year shall be satisfied. If, in any calendar year, the revenues and surplus of the District aze not equal to or greater than, in the aggregate, the amount required to cover the expenditures for that calendar year, the Board may choose not to implement any or all of the non-debt service expenditures set forth in the Budget. (g) Reimbursement ofAdvances. The District Association may enter into an agreement to receive advanced funds prior to the receipt by the District Association of the first calendaz yeaz's assessments. Terms shall be determined by the Boazd. Nothing in this Plan shall preclude the Boazd from approving Budgets that contain expenditures to reimburse for funds advanced to establish the County of Hawaii Kailua Village Business Improvement District No. 1. (h) Financial Records. i) The District Board shall maintain financial records regarding the operation and the contracts for supplemental services and improvements. Exhibit "A" (Page 5 of 9)