A. Each contractor shall pay the city a franchise fee in the amount of 10% of the annual gross receipts received from all customers served within the city. The franchise fee shall be due and payable to the city in arrears on a quarterly basis with payments due on January 31st, April 30th, July 31st, and October 31st.
B. Each contractor, as part of its annual report, shall submit to the city manager, not later than 45 days after the end of prior calendar year, an annual statement containing all financial information reflecting the total amount of gross receipts obtained from the contractor from operations within the city boundaries during the year covered by that annual statement. Such financial statements shall be prepared by an independent public or certified accountant, or by a financial officer of the contractor. Proprietary information contained therein, with the exception of annual gross receipts, shall not be released as a public record. Such statements and each of the several items therein contained shall be subject to audit and verification by the city manager, who are hereby authorized to examine, audit, and inspect such books and records of any contractor as may be necessary in their judgment to verify or ascertain the amount of fee due.
(Ord. 2497 §2)