§ 22-7. Records.

(a) In general.

Every operator of a parking lot or garage must:

(1) keep complete and accurate records of all motor vehicles parked on an hourly, daily, weekly, monthly, or other basis, together with the amount of tax collected from all transactions;

(2) keep all claim checks and other pertinent records as necessary to determine the amount of tax due; and

(3) make these records available, at all times, during business hours, for inspection and audit by the Director of Finance or other authorized agent, employee, or representative of the City.

(b) Annual reports.

(1) Within 120 days after the end of an operator's fiscal year, the operator must file a financial report for that fiscal year with the City Auditor and the Director of Finance.

(2) The report must be:

(i) prepared in accordance with generally accepted accounting principles, consistently applied; and

(ii) certified by a public accountant.

(3) The report must include:

(i) balance sheets;

(ii) statements of operation; and

(iii) statements of changes in financial position and owners' equity.

(4) If the operator is required by its lenders or investors to obtain an audited and certified annual report. the operator must furnish a copy of that report to the City Auditor and the Director of Finance within 30 days of its receipt by the operator.

(c) Setting rate on failure to comply.

If any operator fails to keep records from which the tax imposed by this subtitle can be accurately computed, the Director of Finance may compute the amount of tax due by using a factor developed by surveying other operators of a similar type, or otherwise. The Director's computation is prima facie correct.