RES 99141 - Laserfiche WebLink

(d) Budget changes exceeding $5,000 are to be approved by the City Finance Director. This shall include new budget items as well as line item transfers. (5) FINANCIAL REPORTS. Association shall submit to the City Finance Director quarterly reports 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 20L~ 10th day of the following months of April, July, October and January of each year and shall report on the activities for the preceding calendar quarter month. Specifically, reports to be submitted by the Association are as follows: (a) An Income Statement, detailing revenues and expenditures for each quarter 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 Batik Reconciliations, detailing a balanced ledger of available finances. (d) 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. (6) 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. (agrccmcnt\dnlmaso.sam) 4