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(1) Within the budget, the Association shall define funding received from the City and provide an accounting of how that funding is distributed consistent with the Association's identified top priorities. (6) FINANCIAL REPORTS. The Association shall submit to the City Finance Director a monthly income statement and an updated balance sheet, in a form approved by the City, reflecting the purpose and amount of all expenditures. Said reports shall be due no later than the 15th day of the following month and shall report on the activities for the preceding month. Specifically, reports to be submitted by the Association are as follows: (a) An Income Statement, detailing revenues and expenditures for each month; (b) A Budget Variance Report, detailing variances of budgeted revenues and expenditures. Differences of 10% or more in budgeted amounts compared to actual amounts must be explained in detail. (c) A Summary of Bank Reconciliations, detailing a balanced ledger of available finances. At any time during the year that the cash balance on hand is less than $20,000, a separate report must be submitted to the City Finance Director by the end of that month, detailing the cash flow forecast for the succeeding three months. (7) FUNDING OF DOWNTOWN ASSOCIATION. (a) Assessments will be charged to each business within the District based upon a schedule of assessments reviewed and adopted by the Board of Directors and the City Council. (b) The City will provide a contribution to the Association equal to the annual assessments. (c) The Association will also seek sponsorships, memberships, and other contributions to the Association to assist with the expenses of the organization. (8) PAYMENTS. (a) The City Finance Director is authorized to establish a mutually acceptable schedule for partial payments or advances to the Association based on anticipated revenues. (b) If any provision stated herein is not satisfied by the Association, the City reserves the right to withhold payment to the Association, and if necessary, to take action to terminate this Agreement. (9) INDEPENDENT AUDIT. The Association shall employ, at its sole expense, the services 4