Common use of Operating Funds True-Up Clause in Contracts

Operating Funds True-Up. On or before February 1, 2023, following completion of the DB annual financial audit as described in Section 6.2 of this Agreement, DB shall refund to the City any fiscal year-end unencumbered operating fund balances in excess of 15% of the current year’s budgeted operating expenditures, as described in Exhibit “B” to this Agreement. DB shall also refund to City any fiscal year-end unencumbered Hotel Tax Revenue.

Operating Funds True-Up. On or before February 1, 20232022, following completion of the DB annual financial audit as described in Section 6.2 of this Agreement, DB shall refund to the City any fiscal year-end unencumbered operating fund balances in excess of 15% of the current year’s budgeted operating expenditures, as described in Exhibit “B” to this Agreement. DB shall also refund to City any fiscal year-end unencumbered Hotel Tax Revenue.