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2016 JPA with Prior Amendments 18 Failure to pay the required amounts by the due dates will cause a one percent (1%) per month service fee to be added to the unpaid amount due. Subdivision 2. Budget Meeting and Approval. The proposed annual Operating and Capital Improvement budget for the next calendar year shall be prepared by September 1 each calendar year. Subdivision 3. Annual Assessment for Services. (b) The annual contribution of each Member or other entityis established, it shall be calculated based upon the following formula: 1)(1) Forty percent (40%) based upon the assessed valuation of all real property of each government unit within the Area; 2)(2) Forty percent (40%) based upon the total area of the property within each governmental unit with the Area; and 3)(3) Twenty percent (20%) based upon the population of each governmental unit within the Area. (c) Subdivision 4. Payment. Each Member shall pay its Member assessment amount: (1) no later than January 31st in the year in which it is due; or pay one-half (1/2) of the assessment by January 31st of the year due and pay the second one-half (1/2) of the assessment by August 31st of the year due. If a Member fails to pay its assessment by the applicable due dates, it will be required to pay a one percent (1%) per month service on the unpaid amount due. 6.4 Capital Improvement Projects Program and Funding. On or before July 1 of each (a) Preparation. Each year the Board shall prepare a capital improvements programCapital Improvement Program and budget for projectsCapital Improvements anticipated to be started or completed in the following year as described in the WaterWatershed Management Plan. Each proposed projectCapital Improvement shall be describedspecifically identified and its estimated cost and time for completion shall be provided. Only projects describedCapital Improvements included in the Watershed Management Plan, or its amendments, may be included in the capital improvement budget. Funding in the capital improvement budget shall be calculated as follows: (a) If money raised by the Special tax levies to be used for Capital Projects, the Members shall be provided the opportunity to review and approve the amount of the tax levy that will be used for Capital Projects within sixty (60) days of receipt of the Board’s Capital Improvement Budget;