45-2282 - Arizona Statutes

45-2282. Operating budget A. On or before the third Monday of July of each year, the authority shall adopt a budget for the fiscal year that begins on July 1 of that year. The budget shall include: 1. A complete statement of the sources and amount of all revenues received by the authority during the year ending June 30 and the funds into which the revenues were deposited. 2. A complete statement of expenditures and disbursements identified by class that were made by the authority during the year ending June 30 and the funds from which the expenditures were made. 3. An estimate of all revenues to be received by the authority during the year beginning July 1 and a listing of the funds into which the estimated revenues will be deposited. 4. An itemized estimate of the amount of expenditures or disbursements that the authority may make from each fund during the year beginning July 1 that, subject to the provisions of this section, may include expenditures for contingencies and emergencies. B. The authority shall not budget any expenditure or disbursement from a fund that exceeds the amount of revenues estimated to be received by the fund during the year beginning July 1 except that revenues deposited in the grant fund may be expended for the purposes specified in section 45-2281, subsection C. The authority shall not make any expenditure or disbursement from a fund during the year that exceeds the amount budgeted to be expended or disbursed from the fund during the year. C. Subject to the requirements in section 45-2281, subsection C, the authority may allocate unexpended revenues among funds on or before June 30 and include the unexpended revenues of a fund in the budgeted amount of expenditures or disbursements to be made in the fiscal year that begins July 1. D. The allocation of revenues into the funds and the budgeting, expenditure and disbursement of the funds is at all times subject to section 45-2281, subsection C. E. On or before the third Monday of July of each year, in connection with the preparation of the budget required by subsection A of this section the authority shall prepare a comprehensive statement of the authority's assets and liabilities and sources and application of funds. F. The board at any time may authorize the preparation of an audited financial statement of the authority according to generally accepted accounting principles applicable to public bodies. G. The authority shall file copies of the budget and financial statements with each member of the authority within thirty days of their adoption by the authority.