Article III Section I

Budget & Finance

A. Annual Budget: The Finance Committee shall prepare an annual budget for the County Committee no later than 45 days before the end of the fiscal year and shall submit this annual budget to the Leadership Team for review and/or modification. The Leadership Team shall approve a budget before the end of the fiscal year.

B. Prohibition against expenditures not provided for in the approved budget: No obligations or expenditures shall be made which are not provided for in the approved budget except upon approval of the Finance Committee. However, expenditures above five thousand
dollars ($5,000) which have not been budgeted must be approved by the Leadership Team. No unbudgeted political expenditures shall be made unless approved by the Leadership Team.

C. Prohibition against borrowing funds or incurring debts: No Officer, member or committee of the County Committee shall incur debt on behalf of the County Committee without prior approval of the Leadership Team at a duly convened meeting. Once approved, it shall be the responsibility of the Finance Committee to lead the County Committee to ensure repayment of the debt. For purposes of this section, debt is defined as funds that are borrowed from another person or entity under a written agreement that creates a financial liability and obligation of the County Committee to repay said funds (with or without interest) at some point in time in the future. For illustrative purposes, typical forms of debt include mortgages, loans, lines of credit (other than credit cards with maximum limit of $5,000 or less), promissory notes, certificates and bonds.