(a) Fiscal year. The fiscal year of the Authority shall be from July 1 to June 30.
(b) Capital budget and program. An improvement or extension of an existing project may not be undertaken unless approved in the capital budget and program. The capital budget and program shall include all capital projects and programs of the Authority, including substantial improvements and extensions of projects previously authorized.
(c) Coverage of capital budget and program. The capital budget and program shall cover six fiscal years and shall:
(1) include a statement of the objectives of the capital program and relationship of this program to the County's adopted long-range development plans as provided in § 18-2-103 of this Code;
(2) present a capital projects schedule and a construction schedule; and
(3) provide an estimate of costs and a statement of all funding sources.
(d) Submission. No later than March 1 before the beginning of a fiscal year, the Authority shall submit a copy of the proposed operating budget and capital budget and program for the next fiscal year to the County Executive and the County Council. No later than April 1 before the beginning of a fiscal year, the Authority shall hold one or more public hearings on the proposed operating budget and capital budget and program. No later than May 1 before the beginning of a fiscal year, the Authority shall adopt the operating budget and capital budget and program and forward the adopted budgets to the County Executive and County Council.
(e) Deletion of projects. By a resolution adopted no later than 30 days before the beginning of a fiscal year, the County Council may delete a project in its entirety from the capital budget and program, but may not otherwise alter or amend the project. The County Council may not delete a project if bonds have been issued and remain outstanding for the project, if the Authority has executed a binding contract to sell bonds for the project, or if the Authority has executed a binding contract for construction and construction has commenced.
(f) Final capital budget and program. The final capital budget and program shall consist of the capital budget and program as submitted to the County Council, exclusive of projects deleted by the County Council.
(g) Amendments. The Authority may amend its capital budget and program during a fiscal year, effective 30 days after the Authority submits an amendment to the County Executive and the County Council. By resolution adopted not later than 30 days after submission of the amendment, the County Council may reject the amendment, in which event the capital budget and program may not be amended with that amendment.
(1985 Code, Art. 2, § 11-211) (Bill No. 28-97)