Alaska Expense Limitation Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9176
• Format: Word; Rich Text

Description

Expense Limitation Agreement between Garnder Lewis Investment Trust and Garnder Lewis Aset Management, Inc. dated February 28, 1999. 4 pages Alaska Expense Limitation Agreement (ELA) is a legal contract that governs the extent to which government spending can occur within the state of Alaska. This agreement ensures that the government's expenditures are kept under control, preventing excessive spending and promoting financial discipline. The ELA sets forth specific limitations on the allocation of funds for various departments, agencies, programs, and projects, aiming to maintain a balanced budget and fiscal responsibility. The primary objective of the Alaska Expense Limitation Agreement is to impose a cap on government spending, preventing it from outpacing the state's revenue growth or economic expansion. By imposing such limits, the agreement seeks to avoid budget deficits, reduce the reliance on public debt, and ensure long-term financial stability. There are different types of Expense Limitation Agreements that can be found in Alaska: 1. Hard Cap ELA: This type of agreement establishes a fixed dollar amount or percentage cap on the total expenditures allowable within a given fiscal year. Once this limit is reached, the government cannot spend beyond it unless authorized by specific legislative procedures or an emergency declaration. 2. Soft Cap ELA: In this type of agreement, the limitation on government spending is more flexible. While there is still a cap, it may allow for adjustments based on certain factors like inflation rates, population growth, or changes in revenue projections. Soft Cap ELA's provide a level of flexibility to accommodate changing circumstances and avoid unnecessary constraints during economic downturns or emergencies. 3. Capital Project ELA: This specific type of agreement focuses on limiting spending related to capital projects such as infrastructure development, public works, or major initiatives. It ensures that investments in long-term projects are consistent with the state's available resources and don't exceed the designated limits. 4. Agency-Specific ELA: Some Expense Limitation Agreements target specific government agencies or departments. These agreements may place restrictions on individual entities, allowing them to manage their budgets within an allocated amount. This type of ELA can help ensure financial discipline at the departmental level and encourage more efficient allocation of funds. In summary, the Alaska Expense Limitation Agreement is a crucial mechanism to control government spending in the state. By imposing either a hard or soft cap, or targeting specific agencies or capital projects, these agreements strive to maintain a balanced budget, prevent excessive debt accumulation, and promote financial stability in Alaska.

Alaska Expense Limitation Agreement (ELA) is a legal contract that governs the extent to which government spending can occur within the state of Alaska. This agreement ensures that the government's expenditures are kept under control, preventing excessive spending and promoting financial discipline. The ELA sets forth specific limitations on the allocation of funds for various departments, agencies, programs, and projects, aiming to maintain a balanced budget and fiscal responsibility. The primary objective of the Alaska Expense Limitation Agreement is to impose a cap on government spending, preventing it from outpacing the state's revenue growth or economic expansion. By imposing such limits, the agreement seeks to avoid budget deficits, reduce the reliance on public debt, and ensure long-term financial stability. There are different types of Expense Limitation Agreements that can be found in Alaska: 1. Hard Cap ELA: This type of agreement establishes a fixed dollar amount or percentage cap on the total expenditures allowable within a given fiscal year. Once this limit is reached, the government cannot spend beyond it unless authorized by specific legislative procedures or an emergency declaration. 2. Soft Cap ELA: In this type of agreement, the limitation on government spending is more flexible. While there is still a cap, it may allow for adjustments based on certain factors like inflation rates, population growth, or changes in revenue projections. Soft Cap ELA's provide a level of flexibility to accommodate changing circumstances and avoid unnecessary constraints during economic downturns or emergencies. 3. Capital Project ELA: This specific type of agreement focuses on limiting spending related to capital projects such as infrastructure development, public works, or major initiatives. It ensures that investments in long-term projects are consistent with the state's available resources and don't exceed the designated limits. 4. Agency-Specific ELA: Some Expense Limitation Agreements target specific government agencies or departments. These agreements may place restrictions on individual entities, allowing them to manage their budgets within an allocated amount. This type of ELA can help ensure financial discipline at the departmental level and encourage more efficient allocation of funds. In summary, the Alaska Expense Limitation Agreement is a crucial mechanism to control government spending in the state. By imposing either a hard or soft cap, or targeting specific agencies or capital projects, these agreements strive to maintain a balanced budget, prevent excessive debt accumulation, and promote financial stability in Alaska.