Financial Requirements and Obligations Sample Clauses

Financial Requirements and Obligations. In addition to the other covenants and obligations to be performed by the City hereunder, the City covenants and agrees that it will, at all times during the term: (a) Provide administration of the NCRP operating and capital budgets including revenue and expenditures, and other related management and operating agreements for the North Cariboo Recreation and Parks Service,. Regularly report on revenues and expenditures to JPC and immediately notify the Region of unexpected expenditures or revenue shortfalls that may result in a higher than budgeted subsidy and take prompt action to minimize any budget over-runs. (b) In the event that extraordinary cost increases occur in any year of the term, where such costs are not within the reasonable control of the City and can not be offset by increases in User Fees or from other revenues, the City and Region agree to negotiate an amendment to Schedule A which may include service reductions, a transfer of funds from capital reserves, or a combination of each. (c) Provide the Region, within thirty (30) days of the conclusion of each year of the term, i) the final invoice for reimbursement due to the City, ii) a list of all capital cost items procured for inclusion on the Region’s tangible capital assets ledger and iii) a report on the usage of the facilities for that year in such form and detail as may reasonably be required by the Region; (d) Keep or cause to be kept true and accurate records and accounts in accordance with generally accepted accounting procedures regarding the management and operation of the Arts and Recreation Centre and Arenas and other facilities included in the operating or capital budgets and keep these available for inspection by the Region during regular business hours; (e) Permit the Region, at all reasonable times, at the Region’s own cost and expense, to inspect and obtain copies of all records and accounts relating to repairs, replacements, alterations or improvements to facilities; (f) Turn over to the Region, forthwith upon the expiration or termination of this Agreement, copies of all records and accounts in respect of repairs, replacements, alterations, improvements or third party agreements throughout the term and financial records for each year of the term with respect to the Management of the Service. This obligation will survive any expiration or termination of this Agreement. (g) Ensure that, unless prevented by applicable Statutory Authorities or for reasons of repair and mainten...