§ 270-16. Annual report and budgets.

A. 

The District Management Corporation shall submit an annual report to the governing body pursuant to N.J.S.A. 40:56-80 within 30 days of the close of the fiscal year. This report shall consist of a narrative covering the previous years operation and detailed financial statements.

B. 

The District Management Corporation shall submit a detailed business plan and budget for the upcoming year, no later than December 15 of the current fiscal year, for approval by resolution of the governing body, pursuant to the provisions of N.J.S.A. 40:56-84. The budget shall be submitted with a report which explains how the budget contributes to the goals and objectives for the Special Improvement District.

C. 

The fiscal year of the district and of the management corporation shall be January 1 through December 31.

[Amended 4-16-2002 by Ord. No. 1400]

D. 

The District Management Corporation shall cause an annual audit of its books, accounts and financial transactions to be made and filed with the governing body. This audit shall be completed and filed with the governing body within four months after the close of the fiscal year of the corporation. A certified duplicate copy of this audit shall be filed with the Director of the Division of Local Government Services in the State of New Jersey Department of Community Affairs within five days of the filing of the audit with the governing body.