45-1971. Administrative and operation
budgets
A. On or before July 1 of each year the authority shall adopt an administrative
budget for the succeeding fiscal year. The budget shall consist of a complete statement
of administrative expenditures from the general fund during the past fiscal year and an
estimate of the different amounts that may be deemed necessary to meet administrative
requirements of the authority for the next fiscal year, fixing the amounts proposed for
all recurring items of expense and an amount for contingencies or emergencies. No
administrative expenditures may be made in excess of the total amount of the
budget. Economies resulting in remaining balances for any fiscal year shall be available
for subsequent administrative or operating purposes.
B. The authority shall also prepare an operation budget for each fiscal year
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 fiscal year. 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 next 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 authority shall transmit copies of the budget to each operating unit and the
director of water resources.
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