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<br /> 2.5 LCRA shall prepare and submit to CITY for <br /> consideration an annual budget in a form approved by CITY for <br /> the operation and maintenance of the SYSTEM, normal renewals <br /> and replacements, and major capital improvements or additions <br /> (hereinafter "ANNUAL BUDGET"). Each ANNUAL BUDGET shall be <br /> prepared on the basis of CITY's fiscal year and submitted to <br /> CITY by June 1 prior to the commencement of the applicable <br /> CONTRACT YEAR. CITY will consider the proposed ANNUAL BUDGET <br /> in CITY's normal budgetary process and provide LCRA with an <br /> approved ANNUAL BUDGET prior to the commencement of the <br /> applicable CONTRACT YEAR. <br /> Each ANNUAL BUDGET approved by CITY shall be adequate <br /> and sufficient to provide for operation and maintenance costs, <br /> SYSTEM additions and extensions and renewals and replacements <br /> for the CONTRACT YEAR. The ANNUAL BUDGET shall include, but <br /> not be limited to labor, materials and supplies and overhead <br /> costs. <br /> Any modifications by CITY to the proposed ANNUAL BUD- <br /> GET will only be made after consulting with LCRA with respect <br /> to the impact of any proposed modifications on the safe, reI i- <br /> able, economical and efficient operation and maintenance of the <br /> SYSTEM. - In no case will CITY reduce budgeted wage and salary <br /> rates proposed by LCRA when such rates are in conformance <br /> PRIVILEGED AND CONFIDENTIAL <br /> - Operating Agreement - Page 5- <br />