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detailed estimate of all operating costs thereof, which shall include an <br />itemization of administrative expenses, maintenance expenses, cost of utilities, <br />hazard insurance, taxes and assessments, and deposits to all funds, reserves or <br />accounts required by the City and/or established by the Developer. Upon <br />approval by the City, such proposed operating budget shall be the <br />operating budget for the next fiscal year of the Project. <br />b. If the operating budget exceeds the actual operating costs, any such surplus shall <br />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 <br />expenses must have prior written approval from the City, approval not to be <br />unreasonably withheld. <br />Section 10. Re orn ting Developer shall submit to the City quarterly Project status <br />reports for the first two years of Project operation no later than 30 days after the end of each <br />quarter. Thereafter Developer shall submit annual reports in a form approved by the City, no <br />later than thirty (30) days after the end of Developer's fiscal year. The reports shall contain <br />such information as the City may then require, including, but not limited to, the following: <br />a. A statement of the fiscal condition of the Project, including a financial statement <br />indicating surpluses or deficits in operating accounts, a detailed itemized listing <br />of income and expenses, and the amounts of any fiscal reserves. The report due <br />after the end of each fiscal year shall contain an audited version of this <br />statement. Such audit shall be prepared in accordance with the requirements of <br />the City and certified at the Project's expense by an independent Certified <br />Public Accountant licensed by the State of California. <br />b. The substantial physical defects in the Project, if any, including a description of <br />any major repair or maintenance work undertaken in the reporting period. <br />C. The occupancy of the Project indicating: <br />The number of HOME Units available to and/or actually occupied by <br />Very Low Income Tenants; <br />2. A listing of current Tenant names, income levels, move -in dates and the <br />ethnic groups to which Tenants belong if known; <br />3. General management performance, including tenant relations and other <br />relevant information. <br />4 <br />