(a) The fiscal year of the Authority shall begin on April 1 of each year and end on March 31 of the following calendar year, or such other fiscal year as may hereafter be adopted by the Township.
(b) The Board shall annually prepare a budget and shall submit it to the Township Board on the same date that the proposed budget for the Township is required by law to be submitted to the Township Board. The Board shall not finally adopt a budget for any fiscal year until the budget has been approved by the Township Board. The Board may, however, temporarily adopt a budget in connection with the operation of an improvement which has been financed by the revenue bonds where required to do so by the ordinance authorizing the revenue bonds.
(c) (1) The Authority shall submit financial reports to the Township Board at the same time and on the same basis as departments of the Township are required to submit reports.
(2) The Authority shall be audited annually by the same independent auditors auditing the Township and copies of the audit report shall be filed with the Township Board.
(Ord. 338. Passed 7-29-02.)