The park and recreation board herein appointed, and their successors, shall have the power, and it shall be their duty, to devise and adopt a system of public parks and parkways and recreational facilities for the use of the citizens of the City of Austin, taking under their control all public parks and recreational facilities which now exist, and designating such other lands and grounds and facilities used and appropriated for such purposes.
It shall be the duty of the park and recreation board on or before the 1st day of August of each year to prepare and furnish to the city council an estimated budget in writing of the amount necessary to be expended during the ensuing calendar year for the operation, maintenance and extension of the park system and the recreational facilities of the City of Austin. Such budget shall itemize operation and maintenance costs and estimated needed capital expenditures as are required by the city council to finalize and adopt a budget for the Park and Recreation Board for the ensuing year. The city council shall have the authority to add or subtract items from the recommended budget during its budgeting process and when finalized, shall be adopted by resolution of the council. The amount determined to be needed for the operation, maintenance, extension and improvement of the park system and recreation facilities shall be set aside to be appropriated to the park and recreation fund; and the city finance director shall keep a separate account therefore, and it shall be paid out of the treasury only upon the orders of the park and recreation board, signed by the president and secretary. The city council may appropriate to the park and recreation fund such further sum or sums during each year as may be considered necessary and proper, and when so appropriated, shall be credited to said fund to be drawn out only in the same manner.
The board is authorized to receive and expend any donations for park purposes.
In order to facilitate future planning and budgeting, the park and recreation board shall report at least annually to the city council recommended land acquisitions, facility improvements and capital expenditures needed to fulfill the goals of the park and recreation board and the city council. It shall also report the status of its accomplishments in attaining the goals of the previous year's budget.