R99-65 AUTHORIZING SUBRECIPIENT AGREEMENT

Home Browse Search

C. Re�grting and Pavment Procedures 1. Bud,gets The Subrecipient will adhere to the detailed contract budget that was submitted with the application and attachment to the contract infers acceptance by the City. The City and the Subrecipient may agree to revise the budget from time to time as mutually agreed, only if it remains in conformance with City Council's wishes. 2. Program Income The Subrecipient shall report quarterly all program income as defined by 24 CFR 570.500(a) generated by activities carried out with CDBG funds made available under this contract. The use of program income by the Subrecipient shall comply with the requirements set forth by 24 CFR 570.504. By way of further limitations, the Subrecipient may use such income during the contract period for activities permitted under the contract and shall reduce request for additional funds by the amount of any such program income balances as reported the previous quarter. Any interest earned on cash advances from the U. S. Treasury is not program income and shall be remitted promptly to the City. 3. Paxment Procedures The City will pay to the Subrecipient funds available under this contract based upon information submitted by the Subrecipient and consistent with any approved budget as long as they were incurred after the Notice to Proceed was issued, and within the fiscal year as noted above. Payments will be made for eligible expenses actually incurred by the Subrecipient, and not to exceed actual cash requirements. In addition, the City reserves the right to liquidate funds available under this contract for costs incurred by the City on behalf of the Subrecipient. 4. Pro�ress Re�orts The Subrecipient shall submit regular progress reports to the City in the form and content as provided by the City on a monthly basis. D. Procurement 1. Com lin ance -8-