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8 <br /> a. The Contractor shall provide to the City monthly reports of the previous <br /> month's transactions and financial status of the courses: <br /> 1) Within twenty (20) days of the end of each month, the Contractor shall <br /> provide the City with a monthly and year-to-date balance sheet, cash <br /> flow report, income statement and reconciliation report. The <br /> reconciliation report shall demonstrate the reconciliation of customer <br /> accounts, gift cards and other outstanding liability accounts each <br /> month to the City's general ledger control account. The report must <br /> include a written identification of variances and description of any <br /> action taken to resolve such variances. <br /> 2) Within three (3) days of the end of each month, the Contractor shall <br /> provide the City with a monthly revenue report that separates the <br /> revenue by type of revenue. <br /> 3) After review of the above items, the City may request additional <br /> reports that detail previous transactions. <br /> b. The Contractor and Parks shall meet monthly during the peak golfing <br /> season and quarterly during the off-peak golfing season to discuss <br /> financial reports. <br /> 3. Accounting Processes <br /> a. Prior to the Effective Date, the Contractor will open a separate bank <br /> account to make disbursement and receive reimbursements contemplated <br /> under this agreement. This account is to be used exclusively for the <br /> Everett courses and disbursements from this account are to be limited to <br /> those associated with the Everett courses. <br /> b. On or before the Effective Date, the Contractor shall provide the City with <br /> a list of necessary start-up materials to be purchased with this working <br /> capital (Exhibit L). The cost of these necessary start-up materials shall be <br /> Direct Costs. <br /> c. The Contractor may invoice the City for expenditures it has incurred in the <br /> operation of the courses. Such expenditures must be supported by <br /> receipts, checks or other documentation and have been contemplated in <br /> the Business Plan for the then current operating year. Upon approval of <br /> such expenditures, which approval shall not be unreasonably withheld, the <br /> City shall reimburse the Contractor for such approved expenditures. <br /> d. The Contractor may submit Contractor's invoices electronically, with <br /> copies of applicable vendors' invoices attached and the City agrees to <br /> reimburse the Contractor by warrant. The invoice and supporting <br /> documentation must be submitted to Parks by Friday of each week. After <br /> 24 3 <br />