(A) The fiscal year of the Authority shall begin on April 1 of each year and end on March 31 of the following year, or any other fiscal year as may hereafter be adopted by the Council.
(B) The Board shall annually prepare a budget and submit it to the Council on the same date that the proposed budget for the village is required to be submitted to the Council. The Board shall not adopt a budget for any fiscal year until the budget has been approved by the Council. 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 by the ordinance authorizing the revenue bonds.
(C) The Authority shall submit financial reports to the Council as requested by the Council. The Authority shall be audited at the same time and by the same independent auditor auditing the village accounts, and copies of the audit report shall be filed with the Council.
(Ord. 92, passed 10-4-1982)