(a) The fiscal year of the Tax Increment Finance Authority shall begin on July 1 of each year and end on June 30 of the following year, unless another fiscal year is hereafter adopted by the City.
(b) The Board of Directors shall annually prepare a budget and shall submit it to Council on the same date that the proposed budget for the City is required by the City Charter to be submitted to Council. The Board shall not finally adopt a budget for any fiscal year until the budget has been approved by 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 resolution authorizing the revenue bonds.
(c) The Authority shall submit financial reports to 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 Council.
(Res. 85-19. Passed 7-8-85.)