(A) Audits. Pursuant to KRS 91A.360(5), Commission audits or attestation engagements, as well as financial statements, must be completed in accordance with the requirements for special purpose governmental entities located in KRS 65A.030. An independent certified public accountant or the Auditor of Public Accounts shall make a report to the Commission, to the associations submitting lists of names from which Commission members are selected, to the appropriate chief executive officer or officers, to the State Auditor of Public Accounts, and to the local government body that established the Commission, that the Commission was audited. A copy of the audit report shall be made available by the Commission to members of the public upon request and at no charge.
(B) Funding.
(1) Annually, the Commission must submit to the local government body a request for funds for operation of the Commission.
(2) Pursuant to KRS 91A.309(1), the local government body must include the Commission in its annual budget, and the local government body must impose a transient room tax to provide funding.
(3) In addition, the city, having been listed on the Department of Local Government registry of cities classified as fifth class cities as of January 1, 2014, may enact a restaurant tax not exceeding 3% of the retail sales by all restaurants doing business in the city.
(4) Pursuant to KRS 91A.309(3), any money not expended by the Commission during a fiscal year must be used to make up a part of the Commission’s budget for the next fiscal year.
(5) The Commission, with the approval of the city, may borrow money to pay its obligations that cannot be paid at maturity out of current revenue from the transient room tax, but shall not borrow a sum greater than can be repaid out of the revenue anticipated from the transient room tax during the year the money is borrowed. The Commission may pledge its securities for the repayment of any sum borrowed.
(Ord. 001-01, passed 4-2-01; Am. Ord. 09-021, passed 6-7-21)