(A) The fiscal year of the Authority shall be set by resolution as may be adopted by Council at a later time.
(B) The Board shall prepare annually a budget and submit it to the Council for approval in the manner and at the time as the general budget for the village is presented. 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 bond.
(C) The Authority shall submit financial reports to the Council on a monthly basis. The Authority shall be audited annually by the same independent auditors auditing the village records, and those independent auditors shall provide a report to the Council concerning the activities of both the village and the Authority.
(Ord. 41, passed 4-22-1991)