Laserfiche WebLink
725-030-06 <br /> PUBLIC TRANSPORTATION <br /> 06/03 <br /> 6 .00 Project Budget and Payment Provisions : Page 3 of 12 <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 <br /> 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 manner <br /> 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 charged to the project, including any approved services <br /> contributed by the Agency or others , shall be supported by properly 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 chargeable 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 procedures/processes 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 terms 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 />