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• 5 <br /> Party; <br /> (j) Develop technical information about standard regulatory agreements acceptable <br /> to private and public financial institutions to facilitate the availability of funding for <br /> private and public projects containing affordable housing; <br /> (k) Recommend an annual budget for approval by the governing body of each Party, <br /> which shall detail the authorized expenditures for the coming fiscal year; <br /> (I) Establish an annual work-plan, specifying the activities planned for the coming <br /> fiscal year, to accompany the recommended annual budget; <br /> (m) Submit an annual report to the governing body of each Party, apprising that <br /> Party of the tasks undertaken and accomplishments of the Joint Board in the <br /> previous fiscal year; <br /> (n) Take other appropriate and necessary action to carry out the purposes of this <br /> Agreement, provided that any commitment of resources outside the scope of the <br /> annual budget or policies not within the annual work plan shall be subject to the <br /> ultimate approval of the governing bodies. <br /> (5) BUDGET; APPROPRIATIONS; OTHER FISCAL MATTERS. <br /> (a) Fiscal Year. The Joint Board shall operate for budgeting and expenditure <br /> purposes on the basis of a fiscal year beginning July 1 and ending the following <br /> June 30. <br /> (b) Initial Year of the Agreement. The Parties have appropriated funds for the <br /> first year's budget of the Joint Board. The appropriated funds are shown on <br /> Attachment A to this Agreement. Upon execution of this Agreement, the <br /> Administering Agency may bill each Party for the committed funds and deposit <br /> them in the Operating Fund (see Paragraph 5(d) below). Funds granted for the <br /> purposes of this Agreement from the Gates Foundation (also shown on <br /> Attachment A) will also be deposited in the Operating Fund. The budget and <br /> work plan for the fiscal year July 1, 2013 through June 30, 2014 is shown on <br /> Attachment B. <br /> (c) Proposed Annual Budget. For the fiscal year July 1, 2014 through June 30, <br /> 2015, the Joint Board shall recommend a Joint Board annual operating budget, <br /> proposed work plan, and annual report for submission to the governing body of <br /> each Party by September 1, 2013. For each fiscal year thereafter, the Joint <br /> Board shall recommend a Joint Board annual operating budget, proposed work <br /> plan, and annual report for submission to the governing body of each Party by <br /> June 1 of the preceding calendar year. <br /> (i) The recommended operating budget shall include, but not be limited to, <br /> 79 <br />