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B. Annual Operatinq Budqet Upon Contractor's execution of this Agreement an approved budget will be provided as Exhibit "B" to this Agreement. Prior to February 1st of each calendar year during the term of this Agreement, Contractor shall submit for Parking Manager's approval a pro forma budget, based on the City's fiscal year (Jul 1-Jun 30), including detailed projections of Revenues and Operating Expenses. Each said Budget, as approved by the Parking Manager in writing (as so approved "Budget"), shall form the basis on which Operating Expenses are incurred in such operating year, and Contractor shall not be reimbursed for any expense that is in excess of five percent (5%) of the amount allocated for that particular Operating Expense line item in the Budget, without Parking Manager's prior written consent in each such case. The Budget may be amended only with the prior written approval of Parking Manager as to each such amendment. C. New Mandates Should new Federal, State, or local mandated health care cost requirements or other new mandated cost requirements be imposed upon Contractor in respect to employees of Contractor who are employed in the operations for the Parking Facilities, City and Contractor shall re-open negotiations of the annual operating budget as it pertains specifically to such requirements. SECTION 8. RULES AND REGULATIONS The Parking Manager shall have the right to establish, and the Contractor shall adhere to, any reasonable rules, regulations, or instructions relating to the operation and maintenance of the Parking Facilities, the charging and collection of fees, procedures for payment of monies to City, reports and the contents thereof to be prepared and submitted by Contractor to City, and other matters related to the Parking Facilities and their operation and maintenance. SECTION 9. CONTRACTOR'S PERSONNEL A. General 1. For the performance of the duties required by this Agreement, Contractor shall directly employ persons who are competent, efficient, qualified and of honest reputation. All personnel performing the obligations of Contractor under this agreement shall be employees of Contractor, shall be on Contractor's payroll and shall be under the sole control and direction of Contractor, who shall be reasonably responsible for the employment, supervision, payment and discharge of all such personnel. Under no circumstances shall any such personnel be considered employees or contractors of City. Contractor shall maintain close supervision over all 15