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III. TERM OF UNDERSTANDING <br />The term of this Agreement is for a period beginning when both parties sign this agreement and <br />ending December 31, 2020. Changes to this Agreement must be in writing and signed by both <br />organizations. <br />IV. BUDGET <br />The budget presented here is draft and subject to change. The expenses are approximate and will <br />be finalized when bids are received and a contractor is selected. In addition, FMR utilizes an <br />adaptive management approach to habitat restoration and enhancement. Issues may arise during <br />the course of this project that may require attention and which may necessitate the reallocation of <br />funds between the expense lines within the budget. <br />Expenses <br />Funding <br />Type <br />Amount <br />Outdoor Heritage <br />City of Elk <br />United States <br />Fish & wildlife <br />Total <br />Fund <br />River <br />Service <br />Project <br />Management <br />$53,346.00 <br />$19,600.00 <br />$33,746.00 <br />$0.00 <br />$53,346.00 <br />Grant <br />Management <br />$13,747.00 <br />$5,600.00 <br />$8,147.00 <br />$0.00 <br />$13,747.00 <br />Contractor <br />$475,100.00 <br />$472,600.00 <br />$0.00 <br />$2,500.00 <br />$475,100.00 <br />expenses <br />Supplies <br />/equipment <br />$105,607.00 <br />$97,500.00 <br />$8,107.00 <br />$0.00 <br />$105,607.00 <br />Travel <br />$2,300.00 <br />$2,300.00 <br />$0.00 <br />$0.00 <br />$2,300.00 <br />Total <br />$650,100.00 <br />$597,600.00 <br />$50,000.00 <br />$2,500.00 <br />$650,100.00 <br />