12-5815.   Same; fiscal year; budget; annual reportand financial statement.(a) The board shall establish a fiscal operating year. At least 30 days priorto the beginning of the first full fiscal year after the creation of theauthority, and annually thereafter, theboard shall cause to be prepared a tentative budget which shall include alloperation and maintenanceexpense for the ensuing fiscal year. The tentative budget shall be consideredby the board and, subject to any revision and amendments as may be determined,shall be adopted prior to the first dayof the ensuing fiscal year as the budget for that year. No expenditures foroperations and maintenancein excess of the budget shall be made during any fiscal year except by theaffirmative vote of at leastfour members of the board. It shall not be necessary to include in the annualbudget any statementof necessary expenditures for pensions or retirement annuities, or for interestor principal paymentson bonds or certificates, or for capital outlays, but it shall be the duty ofthe board to make provisionsfor payment of same from appropriate funds.

      (b)   As soon after the end of each fiscal year as may be expedient, theboard shall cause tobe prepared and printed a complete and detailed report and financial statementof its operation andof its assets and liabilities. A reasonably sufficient number of copies of suchreport shall be printedfor distribution to persons interested and copies of such report shall be filedwith the city and countyclerks of the city and county.

      History:   L. 2008, ch. 85, § 15; July 1.