(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 the other fiscal year as may hereafter be adopted by the Council.
(B) The Board shall prepare annually a budget and shall submit it to the Council for approval in the manner and at the time, and which budget shall contain the information, required of municipal departments. The Board shall not finally adopt a budget for any fiscal year until the budget has been approved by the 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 ordinance authorizing the revenue bonds.
(C) The Authority shall submit financial reports to the Council at the same time and on the same basis as departments of the village are required to submit reports. The Authority shall be audited annually by the same independent auditors auditing the village and copies of the audit report shall be filed with the Council.
(Ord. 251, passed 3-21-2005)