Agenda Packet_2026-03-03 - Laserfiche WebLink

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5.5 Accounting Services. In addition to management services herein, Contractor shall provide accounting services to the City,including services pertaining to payment disbursement and financial reporting. Contractor may provide these services or may employ accountants or outside services to provide some or all of such services. For these accounting and administrative services City shall pay Contractor, in addition to the Fixed Management Fee and Incentive Management Fee, a separate "Accounting Fee" in the amount of Twenty-one Thousand Dollars ($ 21,000)per annum (i.e., (S 1,750)per month), to be adjusted annually by 3%beginning in year two. 5.6 City Council Appropriation. All Parties recognize that the continuation of this Agreement after the close of any fiscal year of City, which fiscal year ends on June 30, of each year, shall be subject to budget approval providing for or covering such contract items as an expenditure in said budget. City does not represent that said budget item will be actually adopted, said determination being the determination of the City Council at the time of the adoption of the budget herein. No penalty should accrue to City in the event this provision shall be exercised. Should termination be accomplished in accordance with this Section, a settlement shall be negotiated by the Parties on items delivered, services provided, monies paid and monies due. 5.7 Renewal Term Fees. For any Renewal Term, the City Manager or their designee and Contractor shall negotiate and agree upon any adjustment to the Fees ninety(90) days prior to the commencement of the Renewal Term. ARTICLE 6 -ACCOUNTS; WORKING FUNDS; RECORDS AND REPORTS 6.1 Bank Account. In connection with the operation and management of the Facility, the following bank account shall be provided by City and Contractor in a bank or banks approved by City, and shall be subject to City's audit and inspection (the "Bank Account"): 6.1.1 Operating Account. Contractor will supply a separate bank account (at a bank approved by the City) for Contractor to deposit all Gross Revenue and pay related expenses derived in connection with the operation and management of the Golf Course. City will initially fund the bank account with funds necessary for operations. Contractor will deposit revenue immediately. Contractor shall deposit daily into the account, no later than the next business day following receipt, all gross revenues collected. If an armored transport service is utilized, Contractor shall provide daily pick up of deposits on the next business day following receipt of gross revenues. Under no circumstances will Contractor permit funds collected to be taken anywhere off-site by any employee. Contractor will follow all other procedures established by City for depositing daily cash receipts. Contractor shall use the golf course revenue generated to pay Operating Expenses and to collect Contractor's monthly Management and Accounting Fee. Contractor shall then submit payments to City for the remaining net income generated on a monthly basis. If funds are needed beyond the amount of revenue generated in a month and the initial bank account funds are used, Contractor shall replenish the initial bank account funds first from the succeeding month's revenue. Contractor shall also provide monthly reports and supporting documentation to City reflecting gross revenues collected by Contractor and total operating expenses incurred by -13- City Council 16 — 21 3/3/2026