Water Supply Forum 1/25/2021 - Laserfiche WebLink

II. Funding and Administration A. Funding Administration. Tacoma shall serve as the Forum's fiscal agent, including invoicing and collecting dues, administering Forum funds and any consultant or vendor contracts in accordance with its usual procedures, paying vendor invoices, tracking expenses and related fiscal management.Tacoma will not pay interest to the Forum on any budget balances. i. Billing and payment.Tacoma shall bill each member annually for its respective dues. Each member shall pay Tacoma within sixty(60) days of receipt of invoice. ii. Taxes. Tacoma shall pay taxes or charges that may be assessed on approved work plan and budget items.The Forum's budget balance may be used for this purpose. Tacoma will discuss any unforeseen taxes and charges with the Forum Chair before making payment. iii. Contract management. Project managers for each consultant and vendor contract will work with Tacoma on the financial aspects of the contract management. iv. Annual report. Each year,Tacoma will provide the Chair an annual report showing the revenue, expenses, budget balance and contracts. The Chair may distribute the annual report to the members. B. Budget. i. The Forum funds may only be used for items approved in the annual work plan and budget, or any subsequent modifications or amendments approved by the Forum. ii. The Forum will maintain a minimum balance of$100,000 throughout the year. In special circumstances, the Steering Committee may recommend to the Forum if the minimum balance should be adjusted for a particular year.The Forum may approve such recommendation for a one-year period. A permanent change in the balance amount requires an amendment to this agreement. iii. The Forum may refund to the Parties any unspent funds not anticipated to be allocated to budget items in the foreseeable future, or, if this agreement is 3