The Board of Directors of the Port Authority shall annually prepare and adopt a budget for the Port Authority. In preparing the budget, the Board of Directors shall consult with the office of the City Controller. Rents and charges received by the Port Authority shall be used for the general expenses of the Port Authority and to pay interest, amortization, and retirement charges on money borrowed, and for any other purpose authorized by the laws of the state. If there remains at the end of any calendar year, a surplus of funds after providing for the above uses, the Board of Directors may pay the surplus into the General Fund of the city or into such nonreverting cumulative funds as the laws of the state may permit. The annual budget shall contain any and all requests for appropriations of the Port Authority to the Common Council of the city, and shall be submitted to the Common Council not later than July 15 of each calendar year. The budget shall contain the specification of any and all salaries and other compensation arrangements for the officers and employees of the Port Authority and the compensation arrangements and salaries shall not be altered more than once yearly.
(Prior Code, § 44.09) (Ord. 0-99-0027, passed 12-20-1999)