Res 2010-146 - Laserfiche WebLink

Home Browse Search

ARTICLE 7 OPERATOR'S RECORDS AND DOCUMENTS 7.0.1 The Operator will keep all of its expense records in a recognized accounting format acceptable to the City and these records will be kept at the Airport and be made available to the City or its auditors upon request during regular business hours 9 -5 Monday — Friday. 7.0.2 Access to Records; Audit. The City, its auditors, federal auditors, and state agencies that have monitoring or auditing responsibilities for this Agreement will have access to any books, documents, papers, and records of the Operator which are directly pertinent to this Agreement for the purpose of making audit, examination, excerpts, copying and transcriptions. The City shall have the right to audit Operator's operations at the Airport. 7.0.3 Correction. Should weaknesses in internal control or errors in record keeping be discovered, Operator shall promptly correct such discrepancies upon discovery, or within a reasonable time after discovery (which shall not exceed thirty (30) days from discovery). Operator shall inform the City in writing of the action taken to correct any audit discrepancies. 7.0.4 Time for Audits. Audits conducted by the City will be performed at times as determined by the City in its sole discretion without specific cause. All such inspections and audits shall be conducted during normal business hours. 7.0.5 Overcharges and Deficiencies. If any audit discloses an overcharge of any of Operator's fees or expenses in excess of five percent (5 %) for the period covered by the audit, then the expense of such audit shall be a non - reimbursable expense of the Operation which the Operator shall pay to the City immediately upon City's demand. In addition, if any such audit discloses a deficiency in the amount of funds which should have been turned over by Operator to the city during the period covered by such audit, Operator shall immediately deliver such deficiency together with interest at the rate of six percent (6 %) (such interest to accrue from the time the said deficiency amount should have been turned over), to the City. If Operator does not pay to the City any such overcharge or deficiency, together with all interest accrued thereon, or the cost of an audit required to be paid by Operator within (3) days after demand is made therefor by the City, such failure shall be a default under the terms of this Agreement entitling the City, at its election, to terminate this Agreement pursuant to Article 8. 7.0.6 The Operator will furnish to the City at such time and in such form as the City may require, financial statements including audited financial statements, records, 29