12-5715.   Fiscal year; budget; annual report andfinancial statement.(a) The board shall establish a fiscal operating year. At least30 days prior to the beginning of the first full fiscal year after the creationof the authority, and annually thereafter, the board shall cause to beprepared a tentative budget which shall include all operation and maintenanceexpense for the ensuing fiscal year. The tentative budget shall beconsidered by the board and, subject to any revision and amendments asmay be determined, shall be adopted prior to the first day of the ensuingfiscal year as the budget for that year. No expenditures for operations andmaintenance in excess of the budget shall be made during any fiscal yearexcept by the affirmative vote of at least four members of the board. Itshall not be necessary to include in the annual budget any statement ofnecessary expenditures for pensions or retirement annuities, or for interest orprincipal payments on bonds or certificates, or for capital outlays,but it shall be the duty of the board to make provisions for payment ofsame from appropriate funds.

      (b)   As soon after the end of each fiscal year as may be expedient, theboard shall cause to be prepared and printed a complete and detailedreport and financial statement of its operation and of its assets andliabilities. A reasonably sufficient number of copies of such report shall beprinted for distribution to persons interested and copies of such reportshall be filed with the city and county clerks of the city and county.

      History:   L. 2007, ch. 120, § 15; July 1.