R96-108 AUTHORIZING EXPENDITURE OF COMMUNITY DEVELOPMENT BLOCK GRANT REPROGRAMMED FUNDS

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' ' .. All Subrecipient records with respect to any matters covered by this agreement shall be made available to the City, grantor agency, their designees or the Federal Government, at any time during normal business hours, as often as the City or grantor agency deems necessary, to audit, examine, and make excerpts or transcripts of all relevant data. Any deficiencies noted in audit reports must be fully cleared by the Subrecipient within 30 days after receipt by the Subrecipient. Failure of the Subrecipient to comply with the above audit requirements will constitute a violation of this contract and may result in the withholding of future payments. The Subrecipient hereby agrees to have an annual agency audit conducted if funds received equal $ 25,000 or more. C. Re�orting and Pavment Procedures 1. $udgets 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. Pro.�ram Income The Subrecipient shall report quarterly all program income as defined by 24 CFR �70.500(a) generated by activities carried out with CDBG funds made available under this contract. The use of program income by the Subrecipient shall comply �vith 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 pernutted 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 tivill 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. �. �ro�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.