30-201. Administrative and operation
budgets
A. The authority shall on or before July 1 in each fiscal year adopt an
administrative budget for the next succeeding fiscal year. The budget shall not exceed
the amount of seventy-five thousand dollars for each fiscal year, and shall consist of a
complete statement of administrative expenditures from the fund during the past fiscal
year and an estimate of the different amounts which may be deemed necessary to meet
administrative requirements of the authority for the ensuing fiscal year, fixing the
amounts proposed for all recurring items of expense and an amount for contingencies or
emergencies not anticipated. No administrative expenditures shall be made therefrom in
excess of the total amount of the budget. Economies resulting in remaining balances for
any fiscal year shall be available for subsequent administration or operating purposes.
B. The authority shall likewise for each similar period prepare an operation budget
covering operations and including capital items. The budget shall consist of a full and
complete statement of all incoming receipts and expenditures for the past fiscal year and
an estimate of anticipated income and expenditures for the next ensuing period. The
budget shall also give a complete asset and liability statement and statement of profit
and loss, together with an itemized statement of cash on hand, commitments, reserves and
obligations anticipated for the ensuing fiscal year, together with such other information
as will give a full and complete disclosure of the current financial condition of the
authority.
C. The original budgets shall be filed with the department of administration and
copies thereof with the governor and state treasurer.
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