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A. $10.0 , 000 or ,.more: ..per%•year , the City agrees to <br /> .. .obtain-: a .financial'.,and compliance: audit .made in accordance wi.t:h <br /> the :Single Audit. Act o-f . 1.984 . (P..L:.::-98=50.2 ) .and Office . of . <br /> Management. and. :Budget (OMB ). :Cir.cular A-128 . .The law: and ,c.ircular <br /> provide %that. the. : audit ,shall -cover the entire operations -of the <br /> City government .or, at-the option of °,the _:Cit;y government, it- may <br /> cover departments, :ag.enc.ies or establishments: .that :;.received., <br /> expended,: or o.therwi.se administered federal financial -assistance <br /> during -the-.year. However , if - the City government receives $25;000 <br /> or more in. General Revenue Sharing Funds in a fiscal year,- it <br /> shall ha-ve -an audit of its entire oper•a.ti.ons. <br /> B. , , Between -$,25,0:0.0 and $100 ,00-0 -per year , the <br /> City agrees. to obtain either : <br /> 1 . ' a financial and compliance audit made in • <br /> accordance with the. Si:ngle .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 'r'egulations- governing .the federal programs ..the <br /> s.ubrecipient participates in. <br /> Audits -shall be made annually unless the state .o.r <br /> local-government ..has, by . January 1,1.987 a constitutional or - <br /> .st'atutory-requir.ement-..for less frequent audits. For- - those <br /> 'governments, the .cognizant ,Agency- shal1 permit biennial audits-, <br /> • <br /> .Page No. 10 <br />