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or elimination of slum or blight; 3) meet community <br /> development needs having a particular urgency - as <br />, defined in 24 CFR Part 570.208. <br />' 7 . Close-Outs <br />, Subrecipient obligation to the City shall not end until <br />' all close-out requirements are completed. Activities <br /> during this close-out period shall include, but are not <br /> . limited to; making final payment8, disposing of program <br /> assets (including the return of all unused materials, <br /> equipment, unepent cash advances, program income • <br /> balances, and receivable accounts to the City, and <br /> determining the custodianship of records. <br /> 8. Audits and Insvections <br /> All Subrecipient records with respect to any matters <br /> covered by this agreement shall be made available to the <br /> City, grantor agency, their designees or the Federal <br /> Government, at any time during normal business hour8, as <br /> often as the City or grantor agency deems necessary, to <br /> audit, examine, and make excerpts or transcripts of all <br /> relevant data. Any deficiencies noted in audit reports <br /> must be fully cleared by the Subrecipient within 30 days <br /> after receipt by the Subrecipient. Failure of the Sub- <br /> recipient to comply with the above audit requirements <br /> will constitute a violation of this contract and may <br /> result in the withholding of future payments. The Sub- <br /> recipient hereby agrees to have an annual agency audit <br /> conducted if funds received equal $ 25, 000 or more. <br /> C. Reporting and Payment Procedures <br /> 1. BudQets <br /> The Subrecipient will adhere to the detailed contract <br /> budget that was submitted with the application and at- <br /> tachment to the contract infers acceptance by the City. <br /> . The City and the Subrecipient may agree to revise the <br /> budget from time to time as mutually agreed, only if it <br /> remains in conformance with City Council ' s wishes. <br /> 2 . ProQram Income <br /> The Subrecipient shall report quarterly all program in- <br /> come as defined by 24 CFR 570 . 500 (a) generated by ac- <br /> tivities carried out with CDBG funds made available un- <br /> der this contract. The use of program income by the <br /> Subrecipient shall comply with the requirements set <br /> forth by 24 CFR 570.504. By way of further limitations, <br /> the Subrecipient may use such income during the contract <br /> 8 <br />