§ 8. Fiscal year; adoption of budget.

(a) 

The fiscal year of the authority shall begin on January 1 of each year and end on December 31 of the following year or such other fiscal years as may hereafter be adopted by the City.

(b) 

The board shall annually prepare a budget and shall submit it to the Commission on the same date that the proposed budget for the City is required by the City Charter to be submitted to the Commission. The board shall not finally adopt a budget for any fiscal year until the budget has been approved by the Commission. 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 Commission at the same time and on the same basis as departments of the City are required to submit reports. The authority shall be audited annually by independent auditors and copies of the audit report shall be filed with the Commission.

[Amended 7-9-1984 by Ord. No. 1328]