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9.2 Budget Process <br /> By August 15 of each year during which this agreement remains in effect,the <br /> City of Long Lake will provide an Annual Fire Services Operating Budget and an <br /> Annual Fire Services Capital Budget covering the costs related to the provision of <br /> fire protection for the next year. The budgets presented to the Contracting cities <br /> must have been presented to the Joint Advisory Committee prior to August 1 for <br /> discussion and review. Although it is expected that the Annual Fire Services <br /> Operating and Capital Budgets which aze provided to the Contracting Cities by <br /> the City of Long Lake will have the consensus support of the Joint Advisory <br /> Committee, that is not a requirement since each Contracting City has the <br /> opportunity for final ratification or rejection. <br /> 10. Term of this Agreement <br /> This Agreement covers the period January 1,2002 through December 31, 2020. A <br /> contract year covers the period January 1 through December 31 of a calendaz year. <br /> This Agreement will become effective upon ratification by the Contracting Cities. The <br /> term of this agreement will be extended for a period of five years unless this Agreement <br /> is terminated as provided in Section 20 of the Agreement. <br /> 11. Capital Expenditures <br /> Capital expenditures include major equipment and major maintenance,repair, or <br /> rehabilitation to the fire station. Major equipment is defined as "rolling stock" or similaz <br /> major equipment assets required for performing the fire department mission in the Fire <br /> Protection Area. To qualify as major equipment, such assets must have an initial <br /> purchase value of at least $10,000. To qualify as major maintenance, repair, or <br /> rehabilitation, the cost must be at least$10,000. <br /> The City of Long Lake and the Long Lake Fire Department shall prepare a 15-year major <br /> equipment replacement plan, and a 15-year plan for major maintenance, repair, or <br /> rehabilitation items related to the fire station. These 15-year plans will be the basis for <br /> the preparation of an annual capital budget. Neither the approval nor lack of disapproval <br /> of the 15-year plans by the Contract Cities creates any obligation for final approval or <br /> funding of any specific capital expenditure. Final approval of capital expenditures occurs <br /> as part of the Annual Fire Services Capital Budget approval process. <br /> Capital expenditures must be approved by a minimum of two cities and the combined <br /> funding shazes of the two cities must be greater than 60%. Once this level of approval is <br /> obtained, all Contract Cities are obligated to fund their share of the expenditures. <br /> The final approval of capital expenditures occurs as part of the Annual Fire Services <br /> Capital Budget approval process. When a city approves the Armual Fire Services Capital <br /> Budget, the city is also agreeing to pay its share of the cost of capital expenditures <br /> � <br />