Laserfiche WebLink
ii. BCG shall prepare and deliver to City, in accordance with procedures and _ - <br /> formats reasonably acceptable to City, on an accrual basis, and in <br /> accordance with generally accepted accounting principles, regular monthly <br /> and annual operating statements which shall include, without limitation, <br /> copies of the ledger pages or equivalent documentation to demonstrate the <br /> number and description of every check written for that recording period <br /> and such other items as City may reasonably request. <br /> Monthly operating statements shall be furnished to City by the 20th day <br /> following the last day of each month, and annual operating statements <br /> shall be furnished prior to April 1 of each year. The annual operating <br /> statement shall be prepared by a certified public accountant selected by <br /> BCG and approved by the City and will include revenue testing. The cost <br /> of the annual compilation or review shall be the sole responsibility of <br /> BCG. <br /> iii. BCG shall prepare and deliver to a City representative, for review and <br /> approval, no later than November 1st of each year (except for the partial <br /> year 2003 when BCG shall prepare and deliver to City no later than sixty <br /> (60) days after commencement of this Agreement) for the duration of this <br /> Agreement for the following calendar year: (a) an annual operating <br /> budget, including a comparison to the annual operating budget for the <br /> immediately preceding year and a projection of anticipated monthly <br /> revenues and expenses and cash flows for the Facility for the following <br /> calendar year, including, without limitation, a reasonable contingency and <br /> anticipated working capital requirements for the Facility for the year; (b) a <br /> capital improvements budget for the next calendar year, and (c) a general <br /> marketing and operational program with respect to the Facility, including, <br /> without limitation, operating policies, standards for operations and quality <br /> of service standards (collectively,the "Annual Budget and Program"). <br /> The Annual Budget and Program shall also include BCG's proposals with <br /> respect to proposed hours of operation of the golf course, clubhouse, pro <br /> shop and practice areas, menu and pricing for the food and beverage <br /> service, merchandise for the pro shop, golf rates and fee structure, <br /> complimentary golf course and Facility use by City representatives, <br /> employee play and employee discounts. Junior Golf shall have scheduled <br /> times to have sole dedicated use of the practice areas at no charge. Fees <br /> charged for the use of the practice area, and power and manual cart rental <br /> shall be determined by a City representative with the advice of BCG. <br /> BCG shall establish selling prices for golf shop and food and beverage <br /> retail items with the advice of the City. Golf rates and fee structures will <br /> be established and approved by the City. <br /> Q. Operating Expenses. BCG shall be responsible for paying all expenses incurred <br /> in the operation and management of the Facility as set forth herein. Operating <br /> expenses shall include, but not limited to: all staff payroll (including payroll taxes <br /> and withholding), expenses for golf shop operations, clubhouse operation, <br /> restaurant operation, accounting, marketing, license fees, maintenance of kitchen <br /> a ii 9 <br />