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a SCii,::)Ci.:: F . <br />COST i i:I:•ilii;~Si~:::;`;`i' SYSTi::. <br />The application of these principles is based on three <br />funda:~er<tal prer..ises. <br />1. The City is responsible for the efficient <br />and effective ad:~i.nistration of its transit <br />system through the application of sound <br />management practices. <br />2. The City is responsible for seeing that funds <br />are expended and accounted for consistent <br />with its agree:ent with RTA and the overall <br />objectives of the regional transit program. <br />3. Recognizing that each City has its own unique <br />combination of staff, facilities, and <br />experience, pricary responsibility for <br />employing whatever form of organization and <br />management techniques are necossar}• to <br />assure proper and efficient adc~inistration <br />is with tine City. However, these organization <br />techniques, or changes thereto, are to be <br />in accordance with the City's agre<^:ent with <br />RTr~ as specified in that agree;:~e:1t. <br />Accounting Records <br />In order to receive pa}'ment oa the basis of reirbursable cost, <br />the City r..ust furnish adequate cost data based o^. financial records <br />which can be verified by independent audit. ' he cost data r.:ust be based <br />on the methods prescribed by RT:1 and upon fir.~ivial statements prepared <br />in accordance with accetted accountin5 principles; it must be submitted <br />On a ti~'.c'_1}' ba51S t0 R::~ uSlnn tl1C fOi~.:S prOVl::i'd 'r:ltil tills SCnedlli<'. <br />Records ~~nd ~,u;~port ink; documentation r.~ust be : etained for a period o; <br />five ~~<~.:rs. <br />,. ~x„~:...~,:. _ . <br />