12-5615.   Fiscal year; budget; annual report andfinancial statement.(a) The board shall establish a fiscal operating year. At least30 daysprior to thebeginning of the first full fiscal year after the creation of the authority,and annuallythereafter, the board shall cause to be prepared a tentative budget which shallinclude all operation and maintenance expense for the ensuing fiscal year. Thetentative budget shall be considered by the board and, subject to any revisionandamendments as may be determined, shall be adopted prior to the first day of theensuing fiscal year as the budget for that year. No expenditures for operationsandmaintenance in excess of the budget shall be made during any fiscal year exceptbythe affirmative vote of at least four members of the board. It shall not benecessaryto include in the annual budget any statement of necessary expenditures forpensionsor retirement annuities, or for interest or principal payments on bonds orcertificates,or for capital outlays, but it shall be the duty of the board to makeprovisions forpayment of same from appropriate funds.

      (b)   As soon after the end of each fiscal year as may be expedient, theboard shallcause to be prepared and printed a complete and detailed report and financialstatement of its operation and of its assets and liabilities. A reasonablysufficientnumber of copies of such report shall be printed for distribution to personsinterestedand copies of such report shall be filed with the city and county clerks of thecity and county.

      History:   L. 2006, ch. 83, § 15; July 1.