(a)

1. (1) At least 60 days prior to the beginning of each fiscal year, and as may be necessary thereafter, the Council shall prepare and submit to the Secretary a budget for the fiscal year covering its anticipated expenses and disbursements in administering this subpart. Each such budget shall include:

   1. (i) A statement of objectives and strategy for each program, plan, or project;
   2. (ii) A summary of anticipated revenue, with comparative data for at least one preceding year;
   3. (iii) A summary of proposed expenditures for each program, plan, or project; and

   4. (iv) Staff and administrative expense breakdowns, with comparative data for at least one preceding year.

      Each budget shall include a rate of assessment for such fiscal year calculated, subject to § 1209.51(b), to provide adequate funds to defray its proposed expenditures and to provide for a reserve as set forth in paragraph (f). The Council may change such rate at any time, as provided in § 1209.51(b)(5).

2. (2)

   1. (i) Subject to paragraph (a)(2)(ii), any amendment or addition to an approved budget must be approved by the Secretary, including shifting of funds from one program, plan, or project to another.
   2. (ii) Shifts of funds which do not cause an increase in the Council's approved budget and which are consistent with governing bylaws need not have prior approval by the Secretary.