2A, City - County Joint Powers Agreement for TCAAP

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SCHEDULE E Fiscal Agent The Fiscal Agent shall: 1. Be responsible for cash management, payment processing, preparing budgets, and financial reporting. 2. Receive all funds of the JDA for deposit into and shall make disbursements from the JDA Accounts. The Fiscal Agent will manage the depository accounts with its primary bank, which as of the date of the JPA is US Bank. 3. Maintain current and accurate records relating to JDA accounts. 4. Account for all funds according to generally accepted accounting principles and County's usual accounting practices. 5. Provide financial reports to the Board quarterly, unless the Board directs that reports be more often. The reports shall include statements of revenue and expenses costs and disbursements) and budget reports, accounts receivable, accounts payable, and information as described in the JPA with respect to the annual budget. The reports shall be provided directly to the Chair and Vice-Chair and also delivered to the Board. 6. Disbursements and financial management shall be as provided in the JPA and with respect to cost recovery, as described in the JPA. The Fiscal Agent shall provide reports of disbursements relating to such cost recovery upon their occurrence directly to the Chair and Vice Chair of the JDA Board, the City Administrator and the County Manager and shall include reports thereof at least quarterly to the Board. 7. Maintain all financial records and reports for a period of six (6) full fiscal years. 8. The Fiscal Agent services shall be provided by the County Department of Finance. The Fiscal Agent shall charge fees for service to the JDA, and the fees shall be paid in accordance with the annual budget, and shall be subject to cost recovery as provided in the JPA. The Fiscal Agent shall report to the County Manager and City Administrator and to the Chair. 9. The Fiscal Agent shall report to Fees for Fiscal Agent services shall be charged to and paid by the JDA as an expense as provided in Section 2 of the JPA. 10. Audits will be conducted in accordance with the requirements of the State Auditor, Ramsey County policy, and the requirements of any agency providing funds for the activities of the JDA, and results shall be reported timely to the Ramsey County Audit Committee and the JDA Board. Audit fees will be charged to the JDA as an expense of the JDA. E-l