Res 2012-118 - Laserfiche WebLink

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amount of funding shall be such amounts as approved by the San Marcos City Council as part of its annual budget approval. C. The Chamber shall make these expenditures each fiscal year in conformance with the Convention and Visitor Bureau budget for such fiscal year. The budget for fiscal year 2012 -2013 is marked Exhibit "A" and attached to this Contract for all purposes as though fully set out herein. Allocation of funds for the second and third fiscal years of this Contract shall be subject to submission by the Chamber of budgets in similar format for approval by the City in conjunction with the City's annual budget process. The Chamber Board, on recommendation of the Convention and Visitor Bureau Advisory Board ( "CVB Advisory Board "), may approve amendments to the budget to transfer funds among line items. The Chamber acknowledges that the City's approval of this budget, and the CVB Advisory Board's recommendation of amendments to the budget, create a fiduciary duty in the Chamber with respect to the CVB Funds provided by the City to the Chamber under this Contract. All expenditures of CVB Funds shall be subject to monitoring by the CVB Advisory Board under Section 4.C. below. D. Within 30 days after the end of each month during the Term of this Contract, the Chamber shall submit a report in electronic format to the City Clerk, with a copy to the City Manager and the City Finance Director, describing the activities and expenditures resulting from the CVB Funds allocated during the previous one month period. E. Should the CVB, or the Chamber, fund an event which generates visitors to the community with CVB Funds, the Chamber shall submit a completed "Post Event Report Form" in the format approved by the City. F. Funding Requests. On or before July 15 of each year preceding the fiscal year for which City funding is requested, the Chamber will develop and submit 3