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Agreement No. MA-080-23010376 <br /> <br />Page 5 of 23 <br />Final for Approval <br />Section 8. PAYMENTS. For the initial year of the Agreement, the County shall invoice each Party <br />for its deposit either at the beginning of the fiscal year or thirty (30) days after approval of the Agreement, <br />whichever is later. In following years, the County shall invoice each Party for its annual deposit at the <br />beginning of each fiscal year. Each Party shall pay the deposit within 45 calendar days of the date of the <br />invoice. Each Party’s deposit shall be based on its prorated share of the approved annual budget, <br />reduced by the sum of (a) its prorated share of any surplus identified in the prior fiscal year end <br />accounting, and (b) its prorated share of any funding provided for programs in the approved budget <br />from entities not party to this Agreement. <br />Interest earned on the Parties’ deposits will not be paid to the Parties, but will be credited against <br />the Parties’ share of the program costs. <br /> The County shall notify each of the Parties if it appears that costs may exceed the budget <br />approved by the Parties in any fiscal year. The County shall prepare a fiscal year end accounting within <br />60 calendar days of the end of the fiscal year. If the fiscal year end accounting results in costs (net of <br />interest earnings) exceeding the sum of the deposits, and the County has notified and obtained approval <br />from the Parties of potential cost overruns, the County shall seek approval of the excess cost from the <br />Parties in the form of a revised budget and, upon approval, shall invoice each Party for its prorated share <br />of the excess cost up to the amount of the revised approved budget. Each Party shall pay the billing <br />within 45 calendar days of the date of the invoice. If the fiscal year end accounting results in the sum of <br />the deposits exceeding costs (net of interest earnings), the excess deposits will carry forward to reduce the <br />billings for the following year. The fiscal year end accounting results and associated invoices for each <br />Party will take into consideration any outside funding provided for programs in the approved budget <br />from entities not party to this Agreement. <br /> Upon termination of the program, a final accounting shall be performed by the County. If costs <br />from approved budgets remaining after the deduction of interest costs exceed the sum of the deposits, the <br />County shall invoice each Party for its prorated share of the deficit. Each Party shall pay the invoice <br />within 45 calendar days of the date of the invoice. If the sum of the deposits, including interest, exceeds