40-1140 - Arizona Statutes

40-1140. Hearing on estimates; adoption of proposed budget A. The board of directors of each metropolitan public transit authority shall meet on the day designated in the notice provided by subsection D of section 40-1139, and any taxpayer may appear and be heard in favor of or against any proposed expenditure or tax levy. B. When the hearing is concluded, the governing board shall determine and adopt estimates of proposed expenditures for the various purposes set forth in the published proposal and such adopted estimates shall constitute the budget of the authority for the current fiscal year. C. The total amounts in the budget proposed for expenditure shall not exceed the total of amounts proposed for expenditure in the published estimates. D. No expenditures shall be made for a purpose not included in such budget, and no expenditure shall be made, nor debt, obligation or liability incurred or created in any fiscal year in excess of the amount specified for each purpose in the budget for such fiscal year as adopted. E. The board of directors shall file, in writing, with the board of supervisors its estimate of the amount of money required by the authority for the ensuing year. If the board of directors determines that the estimated amount to be received from the anticipated revenue of the authority will not produce the amount of money budgeted the board of directors shall include with the estimate the additional amount needed for the authority and shall certify such amount to the board of supervisors at the time of filing the estimate.