HomeMy WebLinkAboutexhibit1AAttachment A
• The City will pay the Provider a maximum of $40,000 per year, or $80,000 for the
two year contract period, to administer the Program according to the pre -approved
budget. The City will reimburse up to the amount of $320,000 as savings match
funds designated for City residents for which a commitment agreement and
evidence from the financial institution demonstrating that the Provider deposited
the required reserve has been obtained.
• Provider will submit a full budget, including but not limited to, a line item budget,
narrative, staff salary schedule, and cost allocation together with the Board
executed contract for approval by the City.
• An initial 20% payment will be made to Provider upon receipt of the fully
executed contract.
• An itemized invoice will be presented to the City showing the expenses covered
with the initial 20% payment before any additional funds will be disbursed by the
City.
• At the time of the initial invoice and each time hereafter a projected expense
report will be provided by Provider to the City to secure reimbursement for the
subsequent quarter.
• 160 clients will be served over the two year contract period.
• City will reimburse the Provider any matched funds designated to
residents of the City for which a savings commitment agreement has been
obtained and which evidence from the financial institution demonstrates
that Provider has deposited the required reserve.
1. A copy of the client's savings commitment agreement.
2. Documentation, which demonstrates proof of the advanced deposit
by Provider.
3. A monthly cumulative reconciliation report which details the
clients activity and fund activity.
• Provider will provide monthly summary reports due by the 10th of each month to
the Department of Community Development.
• Official quarterly reports will be provided by Provider to the Department of
Community Development.
• The above provisions may be altered upon mutual agreement, in writing, by the
City and the Provider.