20C - AA FOR METER INFRASTRUCTURE

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Page 10 of 52 7.2 Cost Sharing Requirement At least 50% non -Federal cost -share is required for costs incurred under this Agreement. Based on the budget estimate reflected in Section 7.1 above, the estimated Federal share of allowable costs is 87% and the Recipient's estimated non -Federal cost share is 13%. The Federal share of allowable costs shall not be expended in advance of the Recipient's non -Federal share. It is expected that expenditure of Federal and non -Federal funds based upon the estimated cost share percentages shall occur concurrently. At the end of the period of performance, if the final costs are lower than the original estimate and the 50% non -Federal cost share is met, the final payment and financial report can reflect a lower Recipient cost -share than the original budget estimate. If a bona fide need arises which requires the expenditure of Federal funds in advance of the Recipient share, then the Recipient must request written approval from the Grants Officer prior to the expenditure. Recipient's may expend their agreed upon share of costs in advance of the expenditure of Federal funds without prior written approval. 7.3 Pre -Award Incurrence of Costs The Recipient is not authorized to incur costs prior to the award of this Agreement. Costs incurred prior to the award of this agreement are not allowable. 7.4 Allowable Costs Costs incurred for the performance of this Agreement must be allowable, allocable to the project, and reasonable. The following regulations, codified within the Code of Federal Regulations (CFR), governs the allowability of costs for Federal financial assistance: Agreement No. R20AP00075 Agreement Template 20 C -12 (03/2019)