The FEDC is prohibited from pledging or expending municipal funds other than those appropriated and approved by the Mayor and the City Council. The FEDC may request from the City Council such funds as needed and handle such financial responsibilities as outlined below:
(A) At least 60 days prior to May 1 of each year, the FEDC shall submit its annual budget showing administrative and other expenses anticipated for the following fiscal year.
(B) In the alternative, should the FEDC require nonbudgeted appropriations during the fiscal year, they may come directly to the City Council for consideration of the proposed expenditure of funds as the need may arise.
(C) All funds budgeted and appropriated for the FEDC shall be paid through the City Treasurer upon properly submitted invoices.
(Ord. 20-0428-208, passed 4-28-2020)