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operating budget proposal to be approved by <br /> resolution of the city council . If, during the <br /> year, major budget revisions become necessary, the <br /> council must approve such revisions by resolution. <br /> The operating budget should reflect those <br /> anticipated actual costs for loan account <br /> management and accounting procedures (including <br /> budget preparation and AIDC reporting). The <br /> projected audit costs would be reflected in the <br /> budget. <br /> F. An annual audit shall be performed beginning one <br /> year after establishment of the revolving loan fund <br /> account. The city will select a private auditor in <br /> accordance with Attachment 0 of OMB Circular <br /> A-102. A reasonable contract shall be negotiated <br /> with the auditor on an annual basis. The city may <br /> choose to have the audit performed in conjunction <br /> with the annual city audit. <br /> G. The administrative entity shall submit to the city <br /> council an annual loan activity report which <br /> includes a status of projects and how funds were <br /> used for the interval that the annual audit is <br /> submitted. Council minutes shall reflect <br /> acceptance (or requested correction) of such <br /> reports, and after council approval , the reports <br /> and audit shall be submitted to AIDC. <br /> H. Any changes or amendments to this plan will require <br /> a minimum of one advertised public meeting, a <br /> resolution adopted by the city council , and written <br /> approval from AIDC. <br /> -6- <br />