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c) Subsequent [C-alens'c~J Fiscal Year Budgets. The District Board shall, at least <br /> sixty (60) days prior to the beginning of each [ealexdaz] fiscal year (other than the <br /> first fiscal year) adopt a budget. Each budget shall: <br /> i) reasonably itemize the purposes for which monies aze proposed to be <br /> expended by the District Association; <br /> ii) specify the amount, if any, proposed to be expended by the District <br /> Association for debt service, if any; and <br /> iii) set forth the total amount proposed to be expended. <br /> (d) Expenditures No Greater than Collections and Surplus. The total annual <br /> expenditures in any fiscal year's budget shall be no greater than the <br /> aggregate amount of all monies that the District Association proposes to collect <br /> for that [Eat] fiscal year from all funding sources permitted under this <br /> District Plan and any surplus from the previous [c-eleHdar] fiscal year. <br /> (e) Compliance with Budget. The District Association shall make no expenditure <br /> other than in accordance with and pursuant to: <br /> (i) a budget which has been approved by the District Board; and <br /> (ii) the provisions of law and this District Plan, if any, providing for the <br /> satisfaction of outstanding obligations of the District Association. <br /> (f) Modifications to Budget. The District Board may revise the line items within <br /> any budget; provided, however, that debt service obligations for the subject <br /> [ealendaz] fiscal year shall be satisfied. If, in any fiscal year, the <br /> revenues and surplus of the District aze not equal to or greater than, in the <br /> aggregate, the amount required to cover the expenditures for that [Ealenda~] fiscal <br /> year, the District Board may choose not to implement any or all of the non-debt <br /> service expenditures set forth in the budget. <br /> (g) Reimbursement of Advances. The District Association may enter into an <br /> agreement to receive advanced funds prior to the receipt by the District <br /> Association of the first [EalexElar] fiscal year's assessments. Terms shall be <br /> determined by the District Board. Nothing in this District Plan shall preclude the <br /> District Board from approving budgets that contain expenditures to reimburse for <br /> funds advanced to establish the District. <br /> <br /> ATTACHMENT "I" -SHOWS PROPOSED CHANGES TO BILL 55, DRAFT 2 <br /> Page 10 of 14 <br /> <br />