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A. $100,000 or more per year, the City agrees to <br />obtain.a financial and compliance audit made in accordance with <br />the Single Audit Act of 1984 (P.L. 98-502) and Office of <br />Management and Budget (OMB) Circular A-128. The law and circular <br />provide that the audit shall cover the entire operations of the <br />City government or, at the option of the City government, it may <br />cover departments, agencies or establishments that received, <br />expended, or otherwise administered federal financial assistance <br />during the year. However, if the City government receives $25,000 <br />or.more in General Revenue Sharing Funds in a fiscal year, it <br />shall have an audit of its entire operations. <br />B. Between $25,000 and $100,000 per year, the <br />City agrees to obtain either: <br />1. a financial and compliance audit made in <br />accordance with the Single Audit Act of 1984 and OMB Circular <br />A-128, or <br />2. a financial and compliance audit of all <br />federal funds. The audit must determine whether the subrecipient <br />spent federal assistance funds in accordance with applicable laws <br />and regulations and the audit must be made in accordance with any <br />federal laws and regulations governing the federal programs the <br />subrecipient participates in. <br />Audits shall be made annually unless the state or <br />local government has, by January 1,1987 a constitutional or <br />statutory requirement for less frequent audits. For those <br />governments, the cognizant agency shall permit biennial audits,. <br />Page No. 10 <br />