On or before July 15 in each year, the Board shall submit to Council a detailed statement of the amount which will be required for the administration, operation, maintenance, supervision and control of such flood wall system, for the next fiscal year beginning July 1, together with a detailed plan of the expenditure of amounts required for personal services, current expenses, capital outlay and such other expenditures as the Board may determine. Such proposed budget shall include a reasonable estimated amount as an annual cumulative reserve to meet emergency repairs, replacements and operation expenses which may be required on account of floods; and Council shall turn over to the Board not later than June 30, 1951, any net balance to the credit of such flood wall project referred to in the preamble hereof, which sum, if and when given to the Board shall be and become a part of such reserve fund. The budget shall be in such form and contain such other information in addition to the information herein specified as Council may determine. Council shall examine the budget and if it finds that the same conforms to the requirements of this article, it shall approve the same at the time of laying its annual levy, and at the proper time thereafter, Council shall by ordinance set aside out of the revenues arising from the flood wall system of the City the amount of such budget, which shall be paid into the treasury of the Board at such times and in such amounts as the revenues from such flood wall system are available and the needs of the Board require. The expenditures of the Board in any fiscal year shall not exceed the amount of the allotment provided by Council for such fiscal year; the allotment provided by Council shall in any year exceed the expenditures of the Board, other than that foresaid reserve fund, such excess amount shall be credited to the Board's budget for the ensuing year. The Board shall keep and maintain such records and accounts in such manner as the State Tax Commissioner may from time to time prescribe, and it shall transmit to Council from time to time such reports as Council may request. Its records and reports shall be open for inspection by any member of Council and any member of the Board.
(3-7-51)