(A) The Board of Directors shall keep a true and accurate account of its receipts and disbursements and shall cause an annual audit to be made of its books, records and accounts. The Board shall operate on a fiscal year commencing May 1 and concluding on April 30 of each year. All moneys belonging to the Municipal, Civic and Cultural Fund and administered by the Board shall be kept in the places of deposit as may be designated by resolution of the Board. However, that only a regular organized state or national bank or federal savings and loan association may be designated as a depository.
(B) The Board of Directors shall maintain two accounts: one account to be designated an investment account and a second account to be designated an income account. All moneys received from the City Clerk and the City Treasurer pursuant to the annexation agreement shall be deposited in the investment account from which investments shall be purchased. All income received from investments of the Fund shall be deposited into the income account. The Board of Directors may establish and maintain other accounts as may be necessary to carry out the purposes of this subchapter and §§ 36.15 through 36.19 of this code of ordinances.
(C) The Board of Directors shall maintain a record of all investments of moneys received by the Fund and of the income received therefrom and other records as shall be necessary for a full and complete disclosure of a true and accurate account of its receipts and disbursements.
(D) The Board of Directors shall cause an audit of the Fund and accounts to be made by an accountant employed by the city or retained independently by the Board. The accounts shall be audited annually. The audits shall begin as soon as possible after the close of the fiscal year and shall be completed and the report thereof submitted within 60 days after the close of the fiscal year to the City Council. The audit shall be made in accordance with generally accepted auditing procedures and without limitations on the scope of the audit to the extent that the effects of the limitations will result in the qualification of the opinion of the accountant or accountants. The audit report shall consist of the professional opinion of the accountant or accountants with respect to the financial statements or, if an opinion cannot be expressed, a declaration that the accountant is unable to express the opinion and an explanation of the reasons he or she cannot do so.
(E) In addition to the audit, the Board of Directors shall cause a report to be prepared of all investments with sufficient descriptions to identify the same and containing the income receipts from each investment and other information as to provide a full disclosure of all investments then currently held by the Board. The report shall contain additional information as may be requested from time to time hereafter by the City Council.
(F) The Board of Directors is hereby authorized to expend that portion of the income receipts from investments of the Fund as may be necessary to defray the expenses of audits of the Fund, reports of the Fund, investment expenses and necessary expenses incurred by members of the Board of Directors in the performance of their duties as hereinbefore provided. The Board of Directors may pay from the income receipts as aforesaid other expenses as may be from time to time hereinafter authorized by the City Council.
(1994 Code, § 32.114) (Ord. 292, passed 4-10-1979)