(A) Payment of funds to the Board. The City Treasurer shall pay the sums received as foreign fire insurance company fees, as described in ILCS Ch. 65, Act 5, §§ 11-10-1 et seq., as amended, to the Treasurer of the Foreign Fire Insurance Board.
(B) Budget. The Board shall, by November 30 of each year prior to the start of each fiscal year, adopt a final budget for the collection and payment of foreign fire insurance company fees, which budget shall provide for expenditures of funds for the maintenance, use and benefit of the Fire Department. The final budget shall be included as a part of the city’s annual appropriation ordinance and shall be approved by Council.
(C) Expenditures. All funds received by the Treasurer of the Foreign Fire Insurance Board shall be expended in accordance with all applicable city ordinances and procedures pertaining to the expenditure of public funds.
(D) Annual audits. The Foreign Fire Insurance Board shall provide Council with an annual audit of the financial affairs of the Board, to be made by a certified public accountant at the end of each fiscal year in accordance with generally accepted auditing principals. The annual report shall be delivered to Council. The audit shall be paid for from the funds collected by the Foreign Fire Insurance Board.
(Ord. 93-07, passed 1-26-1993)