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ATTACHMENT 1 <br /> 4 <br />(5) BUDGET. <br /> <br />(a) The Association shall submit to the City Manager or City Finance Director a budget <br />in a form approved by the City, for consideration by the City Council, no later than the <br />thirtieth day of August of each year. <br /> <br />i. The budget shall estimate overall revenues and expenditures for the fiscal year <br />commencing the next January 1st. <br />ii. Said budget shall include the proposed expenditure of all revenues of the <br />Association from sources other than the revenue received pursuant to this <br />Agreement (e.g., contributions, events). <br /> <br />(b) City staff will meet at the beginning and end of each fiscal year, and as necessary, <br />with the Executive Director and the Executive Committee to ensure funding is spent as <br />authorized by the City Council. <br /> <br />(6) FINANCIAL REPORTS. The Association shall submit to the City Economic <br />Development Manager, City Finance Director, or designee, as requested a monthly income <br />statement and an updated balance sheet indicating the Association’s current financial <br />position. Said reports may be provided as part of the Association’s monthly Board of <br />Directors meeting materials. <br /> <br />(7) FUNDING OF DOWNTOWN ASSOCIATION. <br /> <br />(a) Assessments will be charged to each business within the District based upon a <br />schedule of assessments reviewed and adopted by the Board of Directors and the City <br />Council. <br /> <br />i. The Association and City staff will complete a review of the existing <br />assessment structure in 2025, from which to make a recommendation to the <br />City Council for a revised assessment structure that helps to ensure the fiscal <br />sustainability of the Association and support enhancement of the District. <br /> <br />(b) The City will provide a contribution to the Association up to 50% of the annual <br />Assessments, or as deemed appropriate based on any future revised assessment structures. <br /> <br />(c) The City will cover expenses such as city staff time and equipment rental for no <br />more than two street closures as requested by the Association. Additional street closure <br />requests will be at the expense of the Association. <br /> <br />(d) The City and the Association have entered into a separate use agreement for the <br />City-owned property at 333 Division Street so the Association can maintain an office in a <br />central downtown location. <br /> <br />(e) The Association will also seek sponsorships, memberships, and other contributions <br />to the Association to assist with the expenses of the organization. <br /> <br />Page 18 of 399