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economic development incentive request to be considered by the City Council. <br />L. Funding Requests. On or before June 15 ^ of each year preceding the <br />fiscal year for which City funding is requested, the Partnership will, in consultation <br />with the President/CEO, develop and submit to the City for review, the Partnership's <br />draft annual budget, any changes or additions to the proposed program of work, and <br />benchmark measurements in the Partnership's Vision 2025 Economic Development <br />Strategy or City of San Marcos Economic Development Policy. Any modifications <br />to this Agreement, including but not limited to additional funding requests, are <br />subject to review and approval by the City Council. <br />M. Financial Report; Audit. The Partnership will submit to the City a <br />written annual financial report and an audit prepared by a certified public accountant <br />no later than January 31 n of each year. <br />N. Use of Funds. Funds paid by the City to the Partnership shall be <br />deposited into an account utilized by the Partnership solely for the purposes of <br />personnel expenses (including employee benefits) and occupancy costs (e.g., rent, <br />utilities, insurance) for its office within the City. <br />O. Records and Expense Reports. The Partnership shall maintain <br />complete and accurate financial records of each expenditure of funds in accordance <br />with generally accepted accounting principles prescribed for the Partnership and, at <br />the request of the City Manager or his or her designee, shall make the records available <br />for inspection and review during normal business hours. The Partnership, as a recipient <br />of public funds under this Agreement, hereby acknowledges that all of its records both <br />in the future and in the past are subject to the disclosure requirements and exceptions <br />provided in the Texas Public Information Act, Chapter 552, Texas Government <br />Code. The Partnership shall promptly respond to public information requests received <br />by the City and shall immediately notify the City Clerk of any public information <br />request the Partnership receives from any third party. <br />P. Financial Disclosures. Members of the Partnership Board will be <br />subject to the provisions of Section 2.462 (d) of the San Marcos City Code, requiring <br />annual financial disclosures by all City board members. <br />Q. Conflicts of Interest. Whenever the City's approval of an incentive <br />request would confer a benefit upon or has an economic interest (as those terms are <br />defined in Section 2.422 of the San Marcos City Code) on a member ofthe Partnership <br />Board, such board member must recuse themselves from any action of the Partnership <br />Board that would confer a benefit upon or have an economic effect on such board <br />member. <br />R. City Branding. Upon the City's submission of any official City brand, <br />slogan or logo to the Partnership, the Partnership will include the brand, slogan or <br />logo into advertising programs initiated after the receipt of the brand, slogan or logo. <br />S. Open Meetings. The Partnership hereby agrees to post notice of <br />EDSM Approved on Aug. 22, 2025: One -Year Extension (Clean Version) Page 7 of 25 <br />