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Until such monies or other things of value have been deposited into the City's account and verified by the bank in accordance with this Agreement, Operator bears all risk of loss, therefore, including, but not limited to, damage, destruction, disappearance, theft, fraud, or any dishonest, or unlawful act, or other hazard, irrespective of location caused by Operator's employees or any other person or entity within Operator's control. Should such an event or act occur, Operator shall immediately notify the City's Deputy Community Development Director/Economic Development Manager and the Santa Ana Police Department, and Operator shall prepare a report of such incident. Operator shall notify the City of any operational changes deemed necessary by Operator to safeguard the City's monies or things of value. Operator will retain copies of daily bank -endorsed deposit slips for the above deposits for a period of not less than three (3) years from the date each deposit is made. Operator will follow all other procedures established by Owner for depositing daily cash/credit card receipts. N. Accounting and Reporting 1. Monthly Statements: a. Monthly Reports/Statements: Operator will provide to Owner monthly statements that provide a summary of all Gross Revenue and Operating Expenses (the "Monthly Statements"). The Monthly Statements will be due on or before the fifteenth (15t^) calendar day of the next succeeding month. The Monthly Statements will include a detailed report of the Gross Revenue collected as one report. As a separate report, with a separate invoice, Operator will provide a statement of the Management Fee earned and the corresponding invoice. As another separate report with a separate invoice, the operator will provide the Operating Expenses incurred during the preceding month. Owner reserves the right to change the monthly reporting requirements at any time. Original invoices showing amount owed and reason for expenditures must be provided for all reimbursable expenses. The Monthly Statements will also include the following items: i. The number of monthly and daily parkers and associated revenue, by Parking Facility. ii. A detailed monthly statement showing budget versus actual expenses and including a variance report with explanations of any budget variables. All expenses must have original invoice/billing documentation showing a clear explanation of purchase. Detailed payroll and benefits records are required as part of this packet. ill. Lot occupancy reports, by Parking Facility. iv. Detailed under/overcharge report, shortage/overage report, and uncollectable report showing line items and total amounts and included on monthly statement as a line item to be reimbursed to City. v. A schedule of on -site employee positions and shifts scheduled in the direct management of the operations. The staffing schedule will include the number of employees and employee names, scheduled hours and lot, job titles, hourly wage rates, and salaries. vi. Afull and detailed payroll report including employee name, rate of pay, hours worked, overtime, sick/PTO pay, holiday pay (or any other type of pay) benefits, taxes, and all other hours and payments as well as accruals and any other types of payroll related information related to operations. vii. Any special event related reports and invoices. viii. Special Events summary. A-5