(a) Generally. On an annual basis within 90 days after the close of a franchisee's fiscal year, a franchisee shall furnish to the County a financial statement based on the definition of gross revenues set forth in the franchise agreement showing the sources and amounts of gross revenues for that fiscal year, including all contra-expenses, offsets, deductions, exclusions, and other amounts applied during that year that have the effect of reducing gross revenues. The statement shall be audited by an independent certified public accountant.
(b) Independent review. After providing ten days' prior written notice, the County may conduct an independent audit of the franchisee's records. If the audit indicates a franchise fee underpayment of 5% or more, the franchisee shall assume all reasonable costs of the audit.
(Bill No. 54-06)