(a) The fiscal year of the Authority shall begin on July 1 of each year and end on June 30 of the following year, or such other fiscal year as may hereafter be adopted by the City.
(b) The Board shall annually prepare the budget and shall submit it to the City Council on the same date that the proposed budget for the City is required. The Board shall not finally adopt a budget for any fiscal year until the budget has been approved by the City Council.
(c) The Authority shall be audited annually by the same independent auditors auditing the City, and copies of the audit report shall be filed with the City Council.
(Ord. 97-2. Passed 4-11-97; Ord. 2020-01. Passed 2-10-20.)