Agmt04 First 5 Commission of SM - Laserfiche WebLink

Browse Search

EXHIBIT B PAYMENTS Pursuant to the Agreement for Services between First 5 San Mateo County and Redwood City 2020 through its Fiscal Agent, The City of Redwood City entered into on July 1, 2004, the Commission shall pay Contractor, as described more fully in Attachment B, attached hereto and incorporated by reference herein over the term of this contract from July 1, 2004 to June 30, 2007. Exhibit 8 and its attachments reflect the budget for the first year of the contract July 1, 2004 to June 30, 2005. It is understood and agreed that Contractor will submit an updated budget for the succeeding year by June 15, 2005, and receive approval from the Executive Director of the Commission or his/her designee, after consultation with the Chair of the Commission, prior to commencing the second year provided, however, that there shall be no change in the maximum amount payable under this Agreement. It is anticipated that the budget will be amended, with approval of the Executive Director of the Commission or his/her designee, upon review of the prior year's progress reports. It is also understood that contractor may earn money from funds received under this contract. Any monies earned from investments or otherwise shall be expended on services provided under this contract. Provision for expenditure of this money shall be included in the budgets for year two. 1. The Commission shall pay Contractor based on a 60/40 formula whereby in the first year, 60% of the Maximum Annual Award shall be released to the Contractor upon approval and execution of the contract. After a review and approval of the Contractor's Semi-Annual Progress Report, 40% of the Maximum Annual Award shall be released. In the second year of the contract, 60% of the Maximum Annual Award shall be released after a review and approval of the Contractor's first year Year-End Progress Report. Payments shall continue in this manner until expiration of the contract. Guidelines for the progress reports will be provided by the Commission staff and shall include a descripti\!e narrative, tracking of the approved timeline and work plan (scope of work), and a detailed financial accounting of all grant funds spent in comparison with the approved budget. 2. Payment shall be conditioned on the performance of the services described in Exhibit A to the full satisfaction of the Executive Director, on behalf of the First 5 San Mateo County. 3. The amount that the Commission shall be obligated to pay for services rendered under this Agreement shall not exceed $656,538 for the contract term, July 1, 2004 - June 30, 2007. 4. Payment is contingent upon satisfactory performance, appropriate grant management, and timely reporting. 5. Contractor shall expend funds received, in accordance with the budget as described in Attachment 8, attached hereto and incorporated by reference herein, or as approved later by the Executive Director, after consultation with the Chair of the Commission. Year 1 Year 2 Year 3 Maximum Maximum Maximum Annual Award: Annual Award: Annual Award: $217,372 $219,498 $219,668 Funding: 60/40 Year 1 Year 2 Year 3 60% - $130,423 60% - $131,699 60% - $131,801 40% - $86,949 40% - $87,799 40% - $87,867 Distribution: 1 copy each: Contractor, Commission, Controller 6/28/04 Page 8 .- .. -~_...>. .~~.~.. _.. ...-....-.--.-"....rr--.....'