(a) The fiscal year of the
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
.
(b) The
shall annually prepare a budget and shall submit it to the
on the same date that the proposed budget for the
is required by the City Charter to be submitted to the Council. The Board shall not finally adopt a budget for any fiscal year until the budget has been approved by the City Council. The Board may, however, temporarily adopt a budget in connection with the operation of any improvements which have been financed by revenue bonds where required to do so by the ordinance authorizing the revenue bonds.
(c) The
shall submit financial reports to the
at the same time and on the same basis as departments of the
are required to submit reports. 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 Council.
(Ord. 06-01, passed 5-17-2006)