Common use of Reporting and Accountability Clause in Contracts

Reporting and Accountability. 4.01 The Board of Directors will be responsible and accountable to the Councils of the City and the County, through the County City Liaison Committee, in the performance of the activities and services provided, and for performance standards and expectations as determined in the approved annual operating budget. 4.02 The Board of Directors shall communicate with the City and the County as follows: a) Annually, by way of the draft budget, annual work plan to the County City Liaison Committee; b) Annually, by way of an annual audit and related work plan, to each Council; c) Quarterly, by way of strategic plan reports, to each Council; d) In each year, a set of metrics will be used to monitor and guide the GPAEDC’s actions in the upcoming year. These metrics will be communicated and be used to demonstrate the progress of the GPAEDC in achieving the strategic plan and will also demonstrate the impact of the GPAEDC’s actions and programs on key measures of Economic Development in the City and County. e) Once every five years, by way of a new strategic plan, to the County City Liaison Committee and to each Council (the next strategic plan will be created in 2024 for implementation in 2025). If requested by either the City or County, a meeting with the requesting Council and the full Board of Directors of the GPAEDC will be arranged as part of the Strategic Plan review. f) The Board of Directors is required to report any financial concerns to the appropriate councils. g) The Board of Directors shall also report on the financial operations of Sustainable Peterborough. 4.03 GPAEDC covenants and agrees that it shall not, without the prior written approval of the City and the County, enter into any contract with, or incur any financial obligation to, any third party which contract or obligation extends beyond the term of this agreement, except with respect to any funding programs as contemplated in paragraph 5.05. The City and County agree this clause shall not apply to prevent the hiring of permanent employees, so long as such business and/or employment is reflected in the approved budget.