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9 <br /> V. FINANCE <br /> A. Budget <br /> On September 1st of each calendar year, Theatre shall submit to City a proposed budget <br /> of reasonably expected expenditures and revenue. Within one hundred twenty(120) days after <br /> August 31st of each calendar year, Theatre shall provide City with an accounting of actual <br /> income and expenses of the prior twelve months prepared and reviewed by a reputable public <br /> accounting firm. <br /> B. Compensation <br /> 1. Initial Year <br /> During the first Year of the teen of this Agreement, City shall pay Theatre Compensation <br /> in twelve equal installments for Theatre's performance of this Agreement. Compensation for the <br /> first year shall be Two Hundred Eighty-Seven Thousand,Five Hundred Thirty-Four, and Twelve <br /> One-Hundredths ($287,534.12)Dollars. <br /> 2. Subsequent Years <br /> Compensation paid by the City pursuant to this section shall be adjusted at the end of each Year <br /> as provided in this subsection. Compensation for each Year after the first Year shall be <br /> determined by multiplying the Compensation paid during the preceding Year by a factor as <br /> described below. <br /> Adjusted Compensation=prior Year's Compensation x <br /> Adjusted CPI—U <br /> Base CPI—U _ <br /> Where: <br /> Adjusted CPI-U = The CPI-U published annually for the month of June <br /> immediately preceding the Year for which Compensation <br /> is being calculated. <br /> Base CPI-U = The CPI-U published annually for the month of June <br /> before the June publication used to determine the Adjusted <br /> CPI-U. <br /> By way of examples only, Compensation for the Year September 1, 2015-August 31, 2016 would <br /> be determined by multiplying$287,534.12 by a factor calculated by dividing the CPI-U <br /> published for June 2015 (Adjusted CPI-U)by the CPI-U published for June 2014 (Base CPU-I). <br /> Compensation for the Year September 1, 2016-August 31, 2017 would be determined by <br /> multiplying Compensation for the Year September 1, 2015-August 31, 2016 by a factor <br /> calculated by dividing the CPI-U published for June 2016 (Adjusted CPI-U)by the CPI-U <br /> published for June 2015 (Base CPU-I). <br /> The factor of Adjusted CPI-U divided by Base CPI-U shall not be less than one (1.0). <br /> EVERETT/VTT,LAGE THEATRE AGREEMENT Page 4 of 10 <br /> 7 <br />