12-5815. Same; fiscal year; budget; annual report and financial statement.
12-5815
12-5815. Same; 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. 2008, ch. 85, § 15; July 1.