(A) Fiscal budget. The Executive Director shall prepare and submit to the Authority an annual budget to coincide with the city’s budget process. The city shall establish a special fund designated as the “Economic Development Authority Fund.” The Authority shall recommend a budget and submit it to the City Council for final approval. The Council shall appropriate to the fund money it deems necessary for Authority purposes. This shall constitute the budget of the Authority. All payments drawn on the account of the Authority shall be by written statement signed by two officers of the Authority, directing the City Manager to prepare and deliver payment. All expenditures shall be consistent with the operation of the Authority pursuant to this subchapter and Minnesota Statutes.
(B) Levy. Levy authority shall be consistent with M.S. § 69.033, Subd. 6. and rest with the City Council.
(C) Audit. All financial records of the Authority shall be prepared, audited, and filed with the city, the records being coordinated by the City Finance Department at the direction of the City Manager.
(Ord. 683, passed 10-20-09)