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hereby agrees to have an annual agency audit conducted if total federal funds <br /> received equal $100,000 or more. <br /> C. Reportin� and Pavment Procedures <br /> 1. Bud�ets <br /> The Subrecipient will adhere to the detailed contract budget, as revised (if <br /> applicable), that was submitted with the application and attachment to the contract <br /> infers acceptance by the City. The City and the Subrecipient may agree to revise <br /> the budget from time to time as mutually agreed, only if it remains in <br /> conformance with City Council's wishes. <br /> 2. Program Income <br /> The Subrecipient shall report quarterly all program income as defined by 24 CFR <br /> 570.500(a) generated by activities carried out with CDBG funds made available <br /> under this contract. The use of program income by the Subrecipient shall comply <br /> with the requirements set forth by 24 CFR 570.504. By way of further <br /> limitations, the Subrecipient may use such income during the contract period for <br /> activities permitted under the contract and shall reduce request for additional <br /> funds by the amount of any such program income balances as reported the <br /> previous quarter. Any interest earned on cash advances from the U. S. Treasury is <br /> not program income and shall be remitted promptly to the City. <br /> 3. Payment Procedures <br /> The City will pay to the Subrecipient funds available under this contract based <br /> upon information submitted by the Subrecipient and consistent with any approved <br /> budget as long as they were incurred after the Notice to Proceed was issued, and <br /> within the fiscal year as noted above. Payments will be made for eligible <br /> expenses actually incurred by the Subrecipient, and not to exceed actual cash <br /> requirements. The only exception is for pre-award costs approved at the time of <br /> the contract. In addition, the City reserves the right to liquidate funds available <br /> under this contract for costs incurred by the City on behalf of the Subrecipient. <br /> 4. Pro ess Reports <br /> The Subreci ient shall submit re ular ro ess re orts to the Cit in the form and <br /> P g P �' P Y <br /> content as provided by the City on a monthly basis. The City retains the right to <br /> dela or with hold disbursements of a ents after dul notif 'n the <br /> Y p Ym Y Yl g <br /> subrecipient in the event that progress reports are not received as scheduled. <br /> D. Procurement <br /> 1. Com lp iance <br /> Subrecipient Agreement(Rev. 07/31/07) Page 8 of 18 <br />�� <br />