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<br />2.5 <br /> <br />LCRA shall prepare and submit to CITY for <br /> <br />consideration annual budgets in a form approved by CITY for the <br />annual operation and maintenance of the SYSTEM (hereinafter <br /> <br />"OPERATING BUDGET") and for annual renewals and replacements <br />and major capital improvements or additions (hereinafter <br /> <br />"CAPITAL BUDGET"). <br /> <br />Each budget shall be prepared on the basis <br /> <br />of CITY's fiscal year and submitted to CITY by June 1 prior to <br /> <br />commencement of the applicable CONTRACT YEAR. <br /> <br />CITY will <br /> <br />consider the proposed budgets in CITY's normal budgetary <br />process and provide LCRA with approved budgets prior to the <br /> <br />commencement of the applicable CONTRACT YEAR. <br /> <br />The annual OPERATING BUDGET and CAPITAL BUDGET <br /> <br />prepared for the initial CONTRACT YEAR ending September 30, <br />1987, shall include budgeted data for September 1986 and will <br /> <br />be submitted to CITY as soon as practical but not later than <br /> <br />August 15, 1986. <br /> <br />Each OPERATING BUDGET will set forth monthly budgeted <br /> <br />amounts, including, but not limited to, labor, material and <br /> <br />supplies, and overhead costs. <br /> <br />Each CAPITAL BUDGET will set <br /> <br />forth estimated monthly expenditures, by project, including, <br /> <br />but not limited to, labor, materials and supplies, and overhead <br /> <br />costs. <br /> <br />-5- <br />