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submit such report to the City and County not later than February 15 of the succeeding <br />calendar/fiscal year. The JDA shall also prepare and present to federal and state officials such <br />reports and audits as may be required by law, regulation, or contract. <br /> <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 /> <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 1 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 /> <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 /> <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 /> <br /> 4.6.2. The JDA may incur expenses and make expenditures that may be <br />necessary to the effectuation of its purposes and powers, in conformance with the statutory <br />requirements applicable to contracting and purchasing practices of the City and County, <br />including Minnesota Statutes §§ 383A and 471.345, and the Budget. <br /> <br /> Section 4.7. Signature Authority. The following signature authority shall be authorized <br />for transactions executed under direction of the Board: <br /> <br /> (a) All orders and requests for checks of the Authority for the payment of money as <br />directed by the Board shall be signed by the Chair and the Administrative Director. <br /> Page 4 of 8 <br />421119v6 MTN TW185-1