(A) The fiscal year of the Authority shall begin on July 1 of each year and end on June 30 of the following year, or such other fiscal year as may hereafter be adopted by the township.
(B) The Board shall annually prepare the budget and shall submit it to the Township Board of Trustees on the same date that the proposed budget for the township is required. The Authority Board shall not finally adopt a budget for any fiscal year until the budget has been approved by the Township Board of Trustees. 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.
(C) The Authority shall be audited annually by the same independent auditors auditing the township and copies of the audit report shall be filed with the Township Board of Trustees.
(Ord. 21, passed 5-21-1996)