A. The Hailey urban renewal agency shall file, with the city of Hailey, on or before March 31 of each year, a report of its activities for the preceding calendar year, which report shall include a complete financial statement setting forth its assets, liabilities, income and operating expense as of the end of such calendar year. At the time of filing the report, the Hailey urban renewal agency shall publish in a newspaper of general circulation in the city of Hailey a notice to the effect that such report has been filed with the city of Hailey and that the report is available for inspection during business hours in the office of the Hailey city clerk and in the office of the Hailey urban renewal agency.
B. The Hailey urban renewal agency shall have the same fiscal year as the city of Hailey and shall be subject to the same audit requirements as the city of Hailey. The Hailey urban renewal agency shall be required to prepare and file with the city of Hailey an annual financial report and shall prepare, approve and adopt an annual budget for filing with the city of Hailey, for informational purposes. A "budget" means an annual estimate of revenues and expenses for the following fiscal year of the Hailey urban renewal agency. (Ord. 1081 § 1, 2011)