45-1971. Administrative and operation budgets

A. On or before July 1 of each year the authority shall adopt an administrative budget for the succeeding fiscal year. The budget shall consist of a complete statement of administrative expenditures from the general fund during the past fiscal year and an estimate of the different amounts that may be deemed necessary to meet administrative requirements of the authority for the next fiscal year, fixing the amounts proposed for all recurring items of expense and an amount for contingencies or emergencies. No administrative expenditures may be made in excess of the total amount of the budget. Economies resulting in remaining balances for any fiscal year shall be available for subsequent administrative or operating purposes.

B. The authority shall also prepare an operation budget for each fiscal year covering operations and including capital items. The budget shall consist of a full and complete statement of all incoming receipts and expenditures for the past fiscal year and an estimate of anticipated income and expenditures for the next fiscal year. The budget shall also give a complete asset and liability statement and statement of profit and loss, together with an itemized statement of cash on hand, commitments, reserves and obligations anticipated for the next fiscal year, together with such other information as will give a full and complete disclosure of the current financial condition of the authority.

C. The authority shall transmit copies of the budget to each operating unit and the director of water resources.