(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 any other fiscal year as may hereafter be adopted by the city.
(B) The Board shall annually prepare a budget and submit it to the City Manager for submission to the City Council by April 1 of each year. The Board shall not finally adopt a budget for any fiscal year until the City Council has approved the budget. The Board may, however, temporarily adopt a budget concerning 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 city will maintain the financial records for the Authority which shall be submitted to the City Council at the same time and on the same basis as departments of the city 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 City Council.
(Ord. 519, passed 5-23-2006; Am. Ord. passed 8-10-2021)