§ 18-37. Fiscal year; adoption of budget.

(a)

The fiscal year of the downtown development authority shall begin on January 1 of each year and end on December 31 of that same year, or such other fiscal year as may hereafter be adopted by the city.

(b)

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

(Ord. No. 124, § 8, 8-8-1989)

State law reference

Budget, MCL 125.1678.