25A - AGMT - MUNICIPAL PARKING FACILITIES OPERATOR

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amount exceeding Ten Thousand Dollars ($10,000) of unreimbursed expenses for a given month the City shall promptly pay the Operator upon submission of the monthly statement. On or before the fifteenth (15th) day of each month, Operator shall remit to City the funds remaining after deducting from Gross Revenues the Operating Expenses and Management Fee for the preceding month. 8. RECORDS AND ACCOUNTS A. Records. The Operator shall, at all times during the term of this Agreement, keep or cause to be kept true and complete books, records, and accounts of all gross receipts from the operation of the Parking Facilities within each of the Parking Facilities. The books, records, and accounts shall be supported by source documents such as computer records and printouts, cash register tapes, and/or other pertinent documents. Computer and/or cash register totals shall be read and recorded by the Operator at the beginning and end of each business day for each exit lane. The Operator shall provide, subject to reimbursement by the City, serially numbered tickets compatible with and for use in operating the parking control equipment provided by the City for monitoring vehicular parking and shall keep a record of said tickets acceptable to the City. B. Accounting Year. For this Agreement, the accounting year shall be January to December. The accounting year shall be maintained throughout the term of the Agreement unless the Contract Administrator approves in writing a different accounting year. Contract Administrator shall approve a change in accounting years only in the event the accounting year in use results in undue hardship for either the Operator or the City and not because of mere convenience or inconvenience. C. Financial Statements. Within ninety (90) days after the end of each accounting year, the Operator shall, at the Operator's sole expense, submit to the City a Statement of Gross Receipts, audited by a Certified Public Accountant, for each accounting year. D. Failure to Submit Financial Statements. In the event Operator fails to submit the financial statements required in paragraph C above by the due date, Contract Administrator may require that Operator pay to the City any and all costs incurred by City to prepare the required financial statement, plus an administrative fee equal to 50% of those costs. E. Audits. All the Operator's books of accounts and records and supporting source documents related to this Agreement or to business operations conducted within or from the Parking Facilities shall be kept and made available at one location within the limits of Orange County, California. The City shall, through its dully C$I 25A-10