Article 14 Budget

1. The financial year shall coincide with the calendar year.

2. There shall be one single budget comprising two sections:

Section I: Administrative

Section II: Operational, including in particular standardization, technical cooperation and promotion

The Council of Members shall decide on any additional appropriate subsections by taking into account the objectives of the International Olive Council.

3. The budget shall be financed by:

(a) The amount of the contribution of each member, which shall be established in proportion to its participation shares as set in compliance with article 11 of this Agreement;

(b) Subsidies and voluntary contributions from members, which shall be governed by the provisions embodied in an agreement established between the International Olive Council and the donor member;

(c) Donations from Governments and/or other sources;

(d) Other forms of supplementary contributions, including services, scientific and technical equipment and/or staff that may meet the requirements of approved programmes;

(e) Any other revenue.

4. The International Olive Council shall, as part of the development of international cooperation, endeavour to procure such essential financial and/or technical assistance as may be available from the competent international, regional or national organizations, whether financial or of some other kind.

The above amounts shall be assigned by the Council of Members to its budget.

5. The amounts of the budget that are not committed during one calendar year may be carried forward to the following calendar years as advance funding of the budget as specified in the financial regulation.