12-5615. Fiscal year; budget; annual report and financial statement.
12-5615
12-5615. Fiscal year; budget; annual report and
financial statement.
(a) The board shall establish a fiscal operating year. At least
30 days
prior to the
beginning of the first full fiscal year after the creation of the authority,
and annually
thereafter, the board shall cause to be prepared a tentative budget which shall
include all operation and maintenance expense for the ensuing fiscal year. The
tentative budget shall be considered by the board and, subject to any revision
and
amendments as may be determined, shall be adopted prior to the first day of the
ensuing fiscal year as the budget for that year. No expenditures for operations
and
maintenance in excess of the budget shall be made during any fiscal year except
by
the affirmative vote of at least four members of the board. It shall not be
necessary
to include in the annual budget any statement of necessary expenditures for
pensions
or retirement annuities, or for interest or principal payments on bonds or
certificates,
or for capital outlays, but it shall be the duty of the board to make
provisions for
payment of same from appropriate funds.
(b) As soon after the end of each fiscal year as may be expedient, the
board shall
cause to be prepared and printed a complete and detailed report and financial
statement of its operation and of its assets and liabilities. A reasonably
sufficient
number of copies of such report shall be printed for distribution to persons
interested
and copies of such report shall be filed with the city and county clerks of the
city and county.
History: L. 2006, ch. 83, § 15; July 1.