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E 725-030.08 <br /> PUBLIC TRANSPORTATION <br /> O6M <br /> Page 3 of 12 <br /> 6 .00 Project Budget and Payment Provisions . <br /> 6.10 The Project Budget: A project budget shall be prepared by the Agency and approved by the Department. <br /> The Agency shall maintain said budget, carry out the project and shall incur obligations against and make disbursements <br /> of project funds only in conformity with the latest approved budget for the project. No budget increase or decrease shall <br /> be effective unless it complies with fund participation requirements established in paragraph 4. 00 of this Agreement and <br /> is approved by the Department Comptroller, <br /> 6.20 Payment Provisions: Unless otherwise allowed under paragraph 4 .20 , payment will begin in the year the <br /> project or project phase is scheduled in the work program as of the date of the agreement. Payment will be made for <br /> actual costs Incurred as of the date the invoice is submitted with the final payment due upon receipt of a final invoice . <br /> 7.00 Accounting Records: <br /> 7.10 Establishment and Maintenance of Accounting Records: The Agency shall establish for the project, in <br /> conformity with requirements established by Department's program guidelines/procedures and "Principles for State <br /> and Local Governments", separate accounts to be maintained within its existing accounting system or establish <br /> independent accounts. Such accounts are referred to herein collectively as the "project account". Documentation of <br /> the project account shall be made available to the Department upon request any time during the period of the <br /> Agreement and for three years after final payment is made. <br /> 7.20 Funds Received Or Made Available for The Project: The Agency shall appropriately record in the project <br /> account, and deposit in a bank or trust company which is a member of the Federal Deposit Insurance Corporation , all <br /> payments received by it from the Department pursuant to this Agreement and all other funds provided for, accruing to , or <br /> otherwise received on account of the project, which Department payments and other funds are herein collectively <br /> referred to as "project funds". The Agency shall require depositories of project funds to secure continuously and fully all <br /> project funds in excess of the amounts insured under federal plans, or under State plans which have been approved for <br /> the deposit of project funds by the Department, by the deposit or setting aside of collateral of the types and in the <br /> manner as prescribed by State Law for the security of public funds, or as approved by the Department. <br /> 7.30 Costs Incurred for the Project: The Agency shall charge to the project account all eligible costs of the <br /> project. Costs in excess of the latest approved budget or attributable to actions which have not received the required <br /> approval of the Department shall not be considered eligible costs. <br /> 7.40 Documentation of Project Costs: All costs changed to the project, including any approved services <br /> contributed by the Agency or others, shall be supported by property executed payrolls, time records, invoices, contracts, or <br /> vouchers evidencing in proper detail the nature and propriety of the charges . <br /> 7.50 Checks, Orders, and Vouchers : Any check or order drawn by the Agency with respect to any item which is <br /> or will be changeable against the project account will be drawn only in accordance with a properly signed voucher then on <br /> file in the office of the Agency stating in proper detail the purpose for which such check or order is drawn. All checks, <br /> payrolls, invoices, contracts, vouchers, orders, or other accounting documents pertaining in whole or in part to the project <br /> shall be clearly identified, readily accessible, and, to the extent feasible, kept separate and apart from all other such <br /> documents. <br /> 7.60 Audit Reports: In addition to the requirements below, the Agency agrees to comply and cooperate <br /> with any monitoring procedurestprocesses deemed appropriate by the Department, including but not limited to site visits <br /> and limited scope audits. The Agency further agrees to comply and cooperate with any inspections, reviews, <br /> investigations, or audits deemed necessary by the State Comptroller or Auditor General. The Agency shall retain <br /> sufficient records demonstrating its compliance with the terns of this Agreement for a period of three years from the date <br /> the audit report is issued, and shall allow the Department access to such records and working papers upon request. The <br /> following requirements do not limit the authority of the Department to conduct or arrange for the conduct of additional <br /> audits or evaluations of state financial assistance or limit the authority of any state agency inspector general, the Auditor <br /> General, or any other state official. <br />