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year following the first full \,ear of this Agreement. The Owner will review, revise as necessary. and appro,. e the annual operating budget for the Property on or before the first day of each fiscal year which begins during the term of this Agreement. The fiscal year shall be from January I through December 31. The Agent is authorized to make expenditures of Property Expenses with the amounts set forth within the categories established in the annual operating budget. All such expenses are Property Expenses and will be paid by or reimbursed to the Agent from the Operating Account pursuant to this Agreement. Variations from the annual operating budget will be reported to the Owner. 15. FINANCIAL RECORDS AND REPORTS. The Agent will have the following responsibilities with respect to financial records and reports of the Property: a. The Agent will establish and maintain a comprehensive system of records, books and accounts in a manner satisfactory to the Owner and subject to applicable state law. All records. books and accounts will be subject to examination at reasonable hours by the Owner. b. With respect to each fiscal year ending during the term of the Agreement, the Agent will cause an annual financial report of the Property be prepared by a certified public accountant or other person acceptable to the Owner, bases upon the preparer's examination of the books and records of the Owner and the Agent. The report will be certified by the preparer and will be submitted to the Owner within sixty (60) days after the end of the fiscal year. Compensation for the preparer's services and expenses is Property Expense. C. By the twentieth (20`") day of each month, the Agent will furnish the Owner with a statement of receipts and disbursements during the previous month, a schedule of accounts receivable and payable, and reconciled bank statements for the Operating Account and security deposit account as of the end of the previous month. Each report will contain a discussion of pertinent activity and any significant variances from the annual operating budget and the need of the Owner's consideration of a revision of the budgeted expenses. 16. BIDS, DISCOUNTS, REBATES, ETC. The Agent will obtain contracts, materials, supplies. utilities and services by the most appropriate means under the circumstance. The Agent may solicit bids. either formal or informal. for items that can be obtained from more than one source. All such expenses are Property Expenses. 17. TENANT - MANAGEMENT RELATIONS. The Agent will maintain good faith communications with the tenants of the Property to the end that problems attesting the Property and it s tenants may be avoided or solved on a mutually satisfactory basis.