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C. Re�orting a`n_d Pavment Proced�res <br /> 1. Budgets <br /> The Subrecipient will adhere to the detailed contract budget that was submitted with <br /> the application and attachment to the contract infers acceptance by the City. The City and the <br /> Subrecipient may agree to revise the budget from time to time as mutually agreed, only if it <br /> remains in conformance with City Council's wishes. <br /> 2. �roezam Income <br /> The Subrecipient sha11 report quarterly all program income as defined by 24 CFR <br /> 570.500(a) generated by activities carried out with CDBG funds made available under this <br /> contract. The use of program income by the Subrecipient shall comply with the requirements set <br /> forth by 24 CFR 570.504. By way of further limitations, the Subrecipient may use such income <br /> during the contract period for activities permitted under the contract and shall reduce request for <br /> additional funds by the amount of any such program income balances as reported the previous <br /> quarter. Any interest earned on cash advances from the U. S. Treasury is not program income <br /> and shall be remitted promptly to the City. <br /> 3. Pavment Procedure <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 budget as long <br /> as they were incurred after the Notice to Proceed was issued, and within the fiscal year as noted <br /> above. Payments will be made for eligible expenses actually incurred by the Subrecipient, and <br /> not to exceed actual cash requirements. In addition, the City reserves the right to liquidate funds <br /> available under this contract for costs incurred by the City on behalf of the Subrecipient. <br /> 4. Pro ess Re�orts <br /> The Subrecipient shall submit regular progress reports to the City in the form and <br /> content as provided by the City on a monthly basis. <br /> D. Procurement <br /> 1. Comnliance <br />