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9A, City - County Joint Powers Agreement for TCAAP
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9A, City - County Joint Powers Agreement for TCAAP
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11/21/2012 4:46:16 PM
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SCHEDULE E <br /> Fiscal Agent <br /> The Fiscal Agent shall: <br /> 1. Be responsible for cash management,payment processing, preparing budgets, and <br /> financial reporting. <br /> 2. Receive all funds of the JDA for deposit into and shall make disbursements from the <br /> JDA Accounts. The Fiscal Agent will manage the depository accounts with its primary bank, <br /> which as of the date of the JPA is US Bank. <br /> 3. Maintain current and accurate records relating to JDA accounts. <br /> 4. Account for all funds according to generally accepted accounting principles and County's <br /> usual accounting practices. <br /> 5. Provide financial reports to the Board quarterly, unless the Board directs that reports be <br /> more often. The reports shall include statements of revenue and expenses costs and <br /> disbursements) and budget reports, accounts receivable, accounts payable, and information as <br /> described in the JPA with respect to the annual budget. The reports shall be provided directly to <br /> the Chair and Vice-Chair and also delivered to the Board. <br /> 6. Disbursements and financial management shall be as provided in the JPA and with <br /> respect to cost recovery, as described in the JPA. The Fiscal Agent shall provide reports of <br /> disbursements relating to such cost recovery upon their occurrence directly to the Chair and Vice <br /> Chair of the JDA Board, the City Administrator and the County Manager and shall include <br /> reports thereof at least quarterly to the Board. <br /> 7. Maintain all financial records and reports for a period of six (6) full fiscal years. <br /> 8. The Fiscal Agent services shall be provided by the County Department of Finance. The <br /> Fiscal Agent shall charge fees for service to the JDA, and the fees shall be paid in accordance <br /> with the annual budget, and shall be subject to cost recovery as provided in the JPA. The Fiscal <br /> Agent shall report to the County Manager and City Administrator and to the Chair. <br /> 9. The Fiscal Agent shall report to Fees for Fiscal Agent services shall be charged to and <br /> paid by the JDA as an expense as provided in Section 2 of the JPA. <br /> 10. Audits will be conducted in accordance with the requirements of the State Auditor, <br /> Ramsey County policy, and the requirements of any agency providing funds for the activities of <br /> the JDA, and results shall be reported timely to the Ramsey County Audit Committee and the <br /> JDA Board. Audit fees will be charged to the JDA as an expense of the JDA. <br /> 11. The Parties agreement regarding the engagement of the County as the Fiscal Agent shall <br /> be the same length as the term of the JPA and the termination process shall be as provided in the <br /> E-1 <br />
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