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Exhibit 1 <br /> <br />B.FOSAZReports to City <br />Annually, and within sixty (60)days of approval by the FOSAZBoard of Directors,the <br />FOSAZExecutive Director shallpresent a copy of the FOSAZannual operating <br />budget to the City.Upon request by the City, FOSAZshall provide Citywith an annual <br />income and expenditure statement. <br />C.Accounting Systems, Funds and Accounts <br />i.The Partiesshallwork together to establish a system of funds and accounts <br />so that the financial conditions and status of each is clearly comprehensible <br />to both organizations. <br />ii.The Parties shallestablish process, procedures, and time lines whereby <br />FOSAZshalltransfer money from FOSAZaccounts to the Cityon a periodic <br />basis in accordance with membership and concession revenue sharing. <br />The Parties shallestablish process and procedures whereby FOSAZ <br />deposit funds into escrow accounts for funding of capital improvements as <br />provided by separate agreements. <br />iii.The Parties shallestablish process and procedures for transferring <br />obligated City expenses to FOSAZ. <br />Page 19of 19 <br /> <br /> <br />