(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 such other fiscal year as may hereafter be adopted by the City Council.
(b) The Authority shall prepare and approve annually a budget for the operation of the Authority for the ensuing fiscal year. The budget shall be prepared in the manner and shall contain the information required of municipal departments. Funds of the City shall not be included in the budget of the Authority expect those funds authorized in Act 381 or by the City Council.
(c) The Authority shall submit annually to the City Council and the State Tax Commission a financial report on the status of activities of the Authority. The report shall include all of the following:
(1) The amount and source of tax increment revenues received;
(2) The amount and purpose of expenditures of tax increment revenues;
(3) The amount and principal and interest on all outstanding indebtedness;
(4) The initial taxable value of all eligible property subject to the Brownfield plan;
(5) The captured taxable value realized by the Authority;
(6) Information concerning any transfer of ownership of or interest in each eligible property; and
(7) All additional information that the City Council or the State Tax Commission considers necessary.
(Res. 00-38. Passed 9-25-00.)