The MRA shall file annually with the City Council a report of its activities for the preceding fiscal year, which report shall include a complete financial statement setting forth its assets, liabilities, income and operating expenses as of the end of such fiscal year. The MRA shall be subject to the annual audit requirements of the State Auditor and its governing body shall comply with the Open Meetings, Inspection of Public Records, Procurement, Per Diem and Mileage and Public Funds Acts. (Ord. 2012-05, 12-5-2012)