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8. Audits and Inspections <br /> All Subrecipient records with respect to any matters covered by this agreement <br /> shall be made available to the City, grantor agency, their designees or the Federal <br /> Government, at any time during normal business hours, as often as the City or <br /> grantor agency deems necessary, to audit, examine, and make excerpts or <br /> transcripts of all relevant data. Any deficiencies noted in audit reports must be <br /> fully cleared by the Subrecipient within 30 days after receipt by the Subrecipient. <br /> Failure of the Subrecipient to comply with the above audit requirements will <br /> constitute a violation of this contract and may result in the withholding of future <br /> payments. The Subrecipient hereby agrees to have an annual agency audit <br /> conducted if total federal funds received equal $100,000 or more. <br /> C. Reporting 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 <br /> contract infers acceptance by the City. The City and the Subrecipient may agree <br /> to revise 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. Pavment 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 egr ss Reports <br /> Subrecipient Agreement(Rev. OS/06/02 L.7L:bb) Page 8 of 17 <br />