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any future rate adjustments for the recycling <br /> program: <br /> a. Segregate all recyclable expenses and revenues <br /> from refuse collection costs; <br /> b. Have an annual audited financial statement and <br /> operating schedule prepared after December 31 <br /> of each year. COLLECTOR shall select the <br /> auditor subject to approval by the City <br /> Manager. The statement shall be in a format, <br /> including detailed expense and revenue figures <br /> by service category acceptable to the City <br /> Manager. No future rate adjustment shall be <br /> requested prior to the preparation of said <br /> report and its submittal to the CITY; <br /> c. Establish a recycling program rate reserve for <br /> program activities in accordance with the <br /> following formula: <br /> If revenues exceed expenses, the excess <br /> shall be known as a credit reserve to <br /> defray future rate increases or to cover <br /> future costs and any future reserve <br /> deficiency. If expenses exceed revenues, <br /> this excess shall be held as a deficit <br /> and shall be recoverable from future rate <br /> increases or credit reserves. Rate <br /> increases shall be as authorized by City <br /> Council in a manner set forth in this <br /> Section 18. This formula shall be <br /> applied annually based on the Collector's <br /> tax year. <br /> Section 3. SECTION 20 AGREEMENT TERM AND RENEWAL is hereby <br /> amended to read as follows: <br /> SECTION 20 AGREEMENT TERM AND RENEWAL <br /> 20.1 Except as provided in subsection 20.4, this <br /> Agreement, and the exclusive franchise granted <br /> hereunder, shall be effective until June 30, <br /> 2019. <br /> 20.2 (No change) <br /> 20.3 (No change) <br /> 20.4 The recycling program to be operated by <br /> COLLECTOR is acknowledged to be a pilot <br /> program which COLLECTOR shall be permitted to <br /> operate until September 30, 1995; provided, <br /> 3 <br />