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4.3.4. The JDA may establish independent JDA bank accounts, to be managed <br /> by the Fiscal Agent, into which all revenue receipts generated by and belonging to the JDA, and <br /> those proceeds which the City and County may authorize to be borrowed as interfund loans, shall <br /> be deposited intact to the credit of such JDA accounts. <br /> 4.3.5. No disbursements shall be made from such accounts for non-JDA <br /> expenses and purposes. <br /> Section 4.4 Reports to the City and County. Annually, at a time and in a form fixed <br /> by the City Council and the County Board, the Authority shall make a written report giving a <br /> detailed account of its activities and of its receipts and expenditures during the preceding <br /> calendar year, together with additional matters and recommendations it deems advisable for the <br /> economic development of the TCAAP Site. <br /> Section 4.5 Financial Statement. Annually, or more often as requested by the City and <br /> County, the Authority shall examine the Fiscal Agent's detailed financial statements, together <br /> with the Fiscal Agent's vouchers, filed with the Board. The financial statement must show all <br /> receipts and disbursements, their nature, the money on hand, the purposes to which the money on <br /> hand is to be applied, the Authority's credits and assets, and its outstanding liabilities in a form <br /> required for the city's financial statements. If the Authority finds that the statement and <br /> vouchers are correct, it shall approve them by resolution, enter the resolution in its records and <br /> provide copies to the City Council and the County Board. <br /> Section 4.6 Budget; Finance Matters. The Authority shall prepare an annual budget. <br /> With the first annual budget and in subsequent years, the JDA shall each year prior to May 1 <br /> prepare an annual operations budget that estimates funding required by the JDA to conduct its <br /> business over the next calendar year. The JDA shall coordinate its budget process with the City <br /> and County budget planning process. Prior to September I of each year, the JDA shall, after its <br /> review and approval, submit the annual budget to the City and County. The budget shall be <br /> substantially balanced. The Budget shall follow the format as established by the JDA after <br /> consultation with the City Finance Director and the County Director of Finance, and at a <br /> minimum provide at least the detail required by § 2.3.4 of the Joint Agreement. <br /> 4.6.1. The City and County may determine that a service or services as described <br /> in the Budget are available from either the City or County and direct the JDA to purchase such <br /> service at that Party's cost, with payment to be made by the JDA from its authorized funds as <br /> stated in the Budget. <br /> 4.6.2. The annual budget proposed by the JDA shall be reviewed and transmitted <br /> to the City and County. Each shall review, provide comments to the JDA and the other and <br /> approve the annual budget. The proposed JDA annual budget approved by the City and County <br /> pursuant to this process shall be reported back to the JDA by November 15 (preceding the <br /> ensuing calendar/fiscal year). Thereafter the JDA shall adopt and implement the budget <br /> approved by the City and County (the "Budget"). The Budget may be amended consistent with <br /> the process described in this Section. <br /> Page 4 of 8 <br /> 421119vS MTN TW I55-1 <br />