(A) Budget Submitted to City Council. The Authority shall annually send its budget to the City Council. The budget must include a detailed written estimate of the amount of money that the Authority expects to need from the city to do Authority business during the next fiscal year. The needed amount is what is needed in excess of any expected receipts from other sources.
(B) Fiscal Year. The fiscal year of the Authority is the same as the fiscal year of the city.
(C) Annual Report. The Authority shall make a written report to the City Council giving a detailed account of its activities and of its receipts and expenditures during the preceding calendar year, together with additional matters and recommendations it deems advisable for the economic development of the city.
(D) Audit. The financial statements of the authority must be prepared, audited, filed, and published or posted in the manner required for the financial statements of the city. The financial statements must permit comparison and reconciliation with the city’s accounts and financial reports. The report must be filed with the state auditor by June 30 of each year. The Auditor shall review the report and may accept it or, in the public interest, audit the books of the Authority.