Unless otherwise agreed to in a Franchise Agreement:
(A) The Franchising Authority, and its independent auditor, shall have the right to inspect Grantee's income records, worksheets, journals, ledgers and other such appropriate relevant financial records as may be necessary to evaluate the accuracy of Franchise Fee payments. Such appropriate relevant financial records may include, but not be limited to, such accounting records to show the following in sufficient detail, consistent with generally accepted accounting principles: Total revenues by service category; operating expenses categorized by general and administrative expenses, technical expenses, and programming expenses, and overhead, where applicable; capital expenses as they relate to the Village and are as allowable for examination by law, to include capitalized interest and overhead where apportioned, where applicable, if any, and; depreciation expenses by category. The Franchising Authority shall have the right of audit and the right to require recomputation of any amounts determined to be payable under this Chapter and the Franchise Agreement. The Grantee may require the independent auditor to enter into a confidentiality agreement limiting the release of information disclosed through the inspection, audit, or recomputation.
(B) The Franchising Authority shall provide the Grantee with no less than thirty (30) calendar days notice of the Franchising Authority's intent to conduct an inspection of Grantee's financial records. Grantee shall comply with the request of the Franchising Authority and make available all such records as are reasonably required at the Grantee's local office in the Chicago Metropolitan area, or at a location to which the Franchising Authority has agreed. In the event that certain necessary records or documents cannot be made available at the location agreed to by the Franchising Authority, the Franchising Authority may, at its option, send its designee to the location where the Grantee has stored such records.
(C) Where a Grantee is unable to locate books and records specific to the Franchise Area at a location which is either within the Village of Schiller Park, or at a location which is within one hundred (100) miles from the Village of Schiller Park, a Grantee may locate such books and records at a remote location which is set forth by the Grantee. In the event that such books and records are located at a remote location, and the Franchising Authority or its designee requests to inspect such records, a Grantee shall permit the inspection of such records at the remote location within thirty (30) days of the Franchising Authority's request.
(D) Any undisputed additional amount due the Village as a result of the audit or agreed-upon procedures shall be paid within thirty (30) days following written notice to the Grantee by the Franchising Authority, which notice shall include a copy of the audit report or agreed-upon procedures report. The cost of said audit or agreed-upon procedures shall be borne by the Grantee if it is properly determined that the Grantee's annual payment due to the Village for the preceding year is increased by more than four (4) percent; otherwise, such costs shall be borne by the Franchising Authority.
(Ord. 01-2301, passed 12-11-01)