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Brainerd City Code 305.19 Subd. 6 <br /> Subd. 6 Bud et. The Commission shall each year prior to August 1St prepare a budget <br /> for airport finances for the ensuing calendar year. The budget shall be substantially balanced. <br /> The budget shall follow the format as established. <br /> 1. Estimated revenues, divided as follows: <br /> a) Federal and State grants; <br /> b) Contribution from City; <br /> c) Contribution from County; <br /> d) Miscellaneous revenues. <br /> 2. Estimated expenditures, divided as follows: <br /> a) Personal services; <br /> b) Services other than personal; <br /> c) Supplies and materials; <br /> d) Equipment; <br /> e) Real estate and improvement; <br /> f) Miscellaneous expenditures; <br /> g) City Bond Retirement Fund; <br /> h) County Bond Retirement Fund. <br /> Such budget shall be submitted not later than September 1St to the City Council and the County <br /> Board. The final decisions of the City Council and the County Board as to the requested <br /> additional contributions shall be reported back to the commission. The City shall pay 50% of the <br /> total contributions paid into the current airport fund by the City and County each year. If either <br /> the City Council or the County Board fixes its contributions at less than the amount requested by <br /> the Commission, the contribution of the other shall be decreased proportionately, unless the latter <br /> shall decide to pay a larger portion of the total contribution than is required by this agreement. <br /> The expenditure allowance as finally adjusted and approved by the Commission shall control the <br /> year's spending program except that excess revenues received may be spent upon the approval of <br /> three members of the Commission. The Commission shall not itself levy taxes or borrow <br /> money; and it shall not approve any claims or incur any obligations for expenditures unless there <br /> is unencumbered cash in the appropriate airport fund to the credit of the Commission with which <br /> to pay the same. Any surplus in revenues over the cost of maintenance and operating expenses <br /> of the properties acquired under this agreement may be transferred by the Commission to the <br /> City and the County in the same proportion as they are required by this paragraph to contribute <br /> for maintenance and operation. <br /> Subd. 7 Finances. For the purpose of financing the necessary expenditures in carrying <br /> out the provisions of this agreement, there is hereby created in the City accounts and treasury a <br /> special fund to be called Airport Fund. All receipts belonging to the Commission shall be <br /> deposited intact in a bank account to the credit of the Airport Fund and no disbursement shall be <br /> made from this bank account except by check nor unless a verified claim for services and <br /> commodities actually rendered or delivered has first been submitted to and approved for payment <br />