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year of the Project following the Date of Initial Occupancy. The proposed operating <br /> budget shall set forth the anticipated gross income of the Project and a detailed <br /> estimate of all operating costs thereof, which shall include an itemization of <br /> administrative expenses, maintenance expenses, cost of utilities, hazard insurance, <br /> taxes and assessments, and deposits to all funds, reserves or accounts required by the <br /> City and/or established by the Developer. Upon approval by the City, such proposed <br /> operating budget shall be the operating budget for the next fiscal year of the Project. <br /> b. If the operating budget exceeds the actual operating costs, any such surplus <br /> shall be placed in a reserve fund to be used only for Project-related expenses. The <br /> expenditure of reserve funds for non-routine operating and maintenance expenses <br /> must have prior written approval from the City, approval not be unreasonably <br /> withheld. <br /> SECTION 11. REPORTING <br /> Developer shall submit to the City quarterly Project status report for the first <br /> two years of Project operation no later than thirty (30) days after the end of each <br /> quarter. Thereafter Developer shall submit annual reports in a form approved by the <br /> City, no later than thirty (30) days after the end of Developer's fiscal years. The <br /> reports shall contain such information as the City may then require, including, but <br /> not limited to, the following: <br /> a. A statement of the fiscal condition of the Project, including a financial <br /> statement indicating surpluses or deficits in operating accounts, a detailed itemized <br /> listing of income and expenses, and the amounts of any fiscal reserves. The report <br /> due after the end of each fiscal year shall contain and audited version of this <br /> statement. Such audit shall be prepared in accordance with the requirements of the <br /> City and certified at the Project's expense by an independent Certified Public <br /> Accountant licensed by the State of California. <br /> b. The substantial physical defects in the Project, if any, including a <br /> description of any major repair or maintenance work undertaken in the reporting <br /> period. <br /> c. The occupancy of the Project indicating: <br /> 1. The number of HOME Units available to and/or actually occupied <br /> by Very Low Income Tenants and Low Income Tenants; <br /> 5 <br />