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Section 4.3 Expenditure of Public Money. All Authority money is public money. An <br /> Authority check or electronic funds transfer ("EFT") must be signed pursuant to County <br /> requirements upon the request of the Chair and 1c6-veAdministrative Director, unless as <br /> described above in Section 3.7, pursuant to the procedures provided by the Fiscal Agent. The <br /> check or EFT must state the name of the payee and the nature of the claim for which the check or <br /> EFT was issued. <br /> 4.3.2. The JDA shall develop a reimbursement policy including—paynw t <br /> priority for payment to the City and County of allocated fee or other income described in the <br /> Joint Agreement. The policy shall provide for monthly reimbursement to the City and County <br /> where reasonable and practical. <br /> 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 atra-prepare an annual <br /> budget " udget). With the first annual budget and in subsequent years, the JDA shall each <br /> year prior to May 1 prepare an annual operations budget that estimates funding required by the <br /> JDA to conduct its business over the next calendar year. The JDA shall coordinate its budget <br /> process with the City and County budget planning process. Prior to September 1 of each year, the <br /> JDA shall, after its review and approval, submit the annual budget to the City and County. The <br /> budget shall be substantially balanced. The Budget shall follow the format as established by the <br /> JDA after consultation with the City Finance Director and the County Director of Finance, and at <br /> a minimum provide at least the detail required by § 2.3.4 of the Joint Agreement. <br /> Page 4 of-7$ <br /> 421119v45 MTN TW185-1 <br />