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<br /> 3 <br />DRAFT <br />9/12/12 <br />5. Budget <br />5.1 Annual budgeting for the Energy Council shall be on a fiscal year basis, from July 1 <br />through June 30 of the subsequent year. The Energy Council budget shall be <br />developed and presented publicly and may be integrated with the budget of the <br />Authority as part of a comprehensive and coordinated budget proposal. <br />5.2 An annual budget shall be adopted separately by the Energy Council. Separate <br />accounting records will be maintained for the Energy Council in accordance with <br />generally accepted accounting principles. <br />5.3 A separate trust fund shall be created for funding from grants received by the Energy <br />Council, to be administered by the Energy Council. The Energy Council shall have <br />exclusive control over the disposition and use of said trust fund. <br />5.4 The operational costs of personnel, facilities and other resources shall be allocated <br />among the various trust funds administered by the Authority and the Energy Council, <br />in accordance with the adopted budget, and reflecting a fair and reasonable <br />distribution of such costs among the trust funds as may be agreed upon by the <br />Authority and Energy Council. Where appropriate, administrative and overhead costs <br />shall be allocated among the trust funds administered by the Authority and the Energy <br />Council, on the basis of staffing assignments. <br />5.5 In general, the approved budget document shall be the authorization for the Executive <br />Director to employ and assign staffing, acquire and allocate resources, and to contract <br />for services and programs. Specific approval to enter into agreements, acquire <br />property, make major purchases, and other significant actions will be the subject of <br />more specific approval by the Energy Council. <br />6. Fiscal Management <br />6.1 Fiscal Management of the Energy Council funds shall be conducted under the <br />purview of the designated Treasurer as prescribed by Government Code section 6500 <br />et seq. as those sections exist and as they may be amended from time to time. The <br />Authority may elect to manage funds utilizing either public or private institutions, in <br />accordance with state law, the Joint Powers Agreement creating the Authority and <br />Authority policy where appropriate. <br />6.2 During the fiscal year regular reports shall be made to the Authority and the Energy <br />Council regarding the status of revenues and expenditures with respect to the adopted <br />budget. <br />7. Facilities <br />7.1 Facilities required for administration of the Authority and the Energy Council shall be <br />provided by shared use, the cost of which shall be apportioned between the parties on <br />the basis of staffing allocations. The existing Authority administrative offices at 1537 <br />Webster Street in Oakland, California shall be shared by both parties. Any future <br />decision to relocate offices to another location shall be by agreement between the