Resolution 6687 - Laserfiche WebLink

Taxpayers and Licensees)by Supermajority Vote; and(3) forward same to Principals. The approved draft budget, and all proposed fees and charges shall be forwarded to Subscribers no later than July 1. iii. The final budget shall be adopted by vote of the Executive Board effective no later than December 31 prior to commencement of the budget period, after receiving information as to: 1. which Subscribers will be continuing to contract with the PORTAL AGENCY; and 2. which Principals have or will approve their shares of the PORTAL AGENCY budget, based on action or information from such Principals received by the PORTAL AGENCY no later than December 1. iv. Vote Required to Approve Budget. Per Sectiop.71.i,a Supermajority Vote of the Executive Board is required to approve the draft and final budget,provided that unanimous approval of the Executive Board Members representing all Original Principals shall also be required to approve any budget or budget amendment that includes: 1. An increase in Capped Costs greater than the maximum amount allowed per calculation of the New Participant Capped Cost Increment, as further described in Exhibit D. 2. An increase in Labor Costs to increase the number of full or partial staff positions greater than the maximum amount allowed per calculation of the New Participant Labor Cost Increment, as further described in Exhibit D. v. 2014 Budget. Notwithstanding the foregoing, the PORTAL AGENCY budget for the year 2014 will be formally adopted by action of the Executive Board promptly following incorporation of the PORTAL AGENCY and need not be submitted for approval by the Original Principals. The proposed 2014 budget is set forth at Exhibit A. By approving this Agreement each Original Principal also approves their contribution to the 2014 budget in an amount not to exceed that shown in Exhibit A,promptly following the date the PORTAL AGENCY is incorporated. v. 11.4.13 20