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G~z • thereto. 7.3 The Operations Committee shall consult with the League of Minnesota Cities Insurance Trust to determine whether the activities of the Operations Committee will be covered under the liability insurance policies of the member cities and, if not, will secure such insurance as the Operations Committee deems appropriate provided coverage limits are at least equal to the limits of liability set forth in Minn. Stat. § 466.04. VIII. FINANCIAL MATTERS 8.1 The fiscal year of the Operations Committee is the calendar year. 8.2 The Operations Committee shall adopt an annual budget within 30 days of the i• effective date of this agreement for 2003 and prior to July 1 of each year for the years 2004 and thereafter. The Operations Committee will give an opportunity to each Party to comment on or object to the proposed budget before adoption. Notice of the adopted budget must be mailed promptly thereafter to the chief administrative officer of each Party. The budget is deemed approved by each Party unless, prior to December 31 of that year, a Party gives written notice to the secretary-treasurer that the Party is withdrawing from this Agreement at the end of the year as provided in this Agreement. 8.3 Operational costs shall be shared according to a method determined by majority vote of all of the members of the Operations Committee, which method shall be specified in the budget. This method may include membership dues and fees, charges for services to Parties, contributions in kind, proceeds of grants, or any combination thereof. 8.4 Billings to Parties are due and payable no later than 30 days after mailing. In the event of a dispute as to the amount of a billing, a Party must nevertheless make payment as billed to preserve Party status. The Party may make payment subject to its right to dispute the bill and exercise any remedies available to it. Failure to pay a billing within 60 days will result