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(A) The fiscal year of the Authority shall begin on July 1 of each year as may hereafter be adopted by the Council.
(B) The Board shall cause the preparation of an annual budget for the operation of the Authority for each fiscal year. The budget shall contain the same information required of city departments. After review by the Board, the budget shall be submitted to Council for approval. The budget may not finally be adopted by the Board unless and until the Council has approved the same.
(C) The Authority shall submit financial reports to Council at the same time and on the same basis as departments of the city if so required. The Authority shall be audited annually by the same independent auditors auditing the city, and copies of the audit shall be filed with Council.
(Ord. 111212-2, passed 12-12-2011)