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DRAFT Comprehensive Fire Service Study MEDINA, MINNESOTA <br /> <br />Matrix Consulting Group Page 107 <br />6. Budget. <br /> <br />a. Organization Budget. The Parties agree that annually, prior to August1 <br />of each calendar year of this Agreement, the Board shall develop and <br />approve a budget of operating expenses and capital expenditures for <br />the ensuing calendar year and present the same to the Parties for their <br />consideration and approval on or before August 1. The budget prepared <br />by the Board shall consist of the entire cost of operation of the NAFRS, <br />including capital contributions and contributions to the firefighters relief <br />association. <br /> <br />b. Review of Board Budget. On or before September 30 in each year, <br />the governing bodies of each of the Parties shall act to approve or <br />disapprove the NAFRS budget submitted by the Board for the next <br />calendar year. If the governing bodies of the Parties disagree on budget <br />approval, then they shall forthwith convene a meeting of the Parties’ <br />governing bodies to consider the matter. Until the new budget is <br />approved by the Parties’ governing bodies, continuing NAFRS <br />expenditures shall be in accord with the last approved budget. <br /> <br />c. Budget Report. The Board shall prepare and submit a quarterly budget <br />report to the Parties, showing a record of receipts and disbursements, <br />which shall be forwarded to the Parties’ governing bodies within 30 days <br />following the close of the quarter. <br /> <br />7. Funding. <br /> <br />a. Party Contributions. The NAFRS shall be funded by the participating <br />Parties as provided herein. Each Party shall contribute an allocated <br />share (“Party Contribution”) of the total operating budget (capital and <br />operating expenses and relief association contribution) of the NAFRS. <br />The amount of the Party Contribution respectively for fiscal year 2014, <br />2015, 2016 and 2017 shall be: <br /> <br />i. Northfield 72.2% <br />ii. Rural Fire 22.4% <br />iii. Dundas 5.37% <br /> <br />b. Adjustment Process. The Party Contributions shall be updated every <br />two years starting with the year 2019 for the 2020 budget in accordance