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identified Medical Director overseeing Chapel Hill Fire Department <br />Emergency Medical Training. <br />11. The Town shall present the County with an annual audit by a Certified Public <br />Accountant, which shall be in conformity with General Accepted Accounting Principles. <br />Such audit to be provided and be in conformity with the most recent audit policies of <br />the North Carolina Local Government Commission. Further, the Town agrees to <br />comply with County budgeting procedures including a mid -year financial statement for <br />the Fire Department and other procedures provided for by State Law and agree to <br />submit budget estimates to the Board of Commissioners on the standard forms used <br />by County departments. The Town also agrees to use standard line items for <br />accounting as requested by the County Finance Department. <br />A. In the event that the audit reveals any reportable and /or material <br />issue(s) with regard to compliance with generally accepted accounting <br />principles, or any material weakness or significant deficiencies, the <br />Town shall provide a written statement to the County that contains an <br />explanation of each issue and an action plan (with implementation <br />timetable) for resolving each such issue, weakness and /or deficiency, <br />and shall provide periodic reports to the county on progress made in <br />resolution of each issue, weakness and /or deficiency. If resolution of <br />such issues, weakness or deficiencies requires professional advice on <br />the part of the Town (or County's) auditor, the Town shall bear the cost <br />of such advice. <br />B. Should the Town fail to submit its audit report to the County within the <br />above time period, the county will suspend all funds immediately until <br />the audit is delivered as set forth above, except that the county's Chief <br />Financial Officer may grant a reasonable submittal extension if the <br />Town is unable to deliver the audit for reasons beyond the control of <br />the fire department or the auditor. <br />C. The Town agrees that if its financial records are judged to be un- <br />auditable for purposes of an audit or establishment of a budget by the <br />County's chief financial officer or, if a regular or special audit by a <br />certified public accountant reveals competent evidence of reckless or <br />willful financial mismanagement practices or intentional or criminal <br />wrongdoing, the Town Council will be notified by the County. At that <br />time, the County and Town Council may jointly name a trustee who will <br />assume responsibility for management and financial decision - making <br />for the Department until such time as the County and Town agree that <br />the Department's finances have been stabilized to the extent required <br />to satisfy the financial management provisions of this Agreement. <br />12. The Town shall comply with the County budgeting procedures and purchasing <br />procedures provided for by state law and shall submit annual budget estimates for the <br />Department in accordance with established County budget timetables along with a <br />supporting letter of request for the proposed tax rate shall be signed by the Town's <br />Town Manager upon approval of its Town Council. The County will provide the Town <br />with standard forms for budget submission and the Town shall use such standard <br />forms. <br />11 <br />