10-12-05 La Porte Redevelopment Authority Meeting minutes

Browse Search

AGENDA ITEM 5: ANNUAL AUDIT FOR TIRZ FUND FY ENDING SEPTEMBER 30,2005 Per Article IV, Section 1 of the Redevelopment Authority Bylaws, the fiscal year of the Authority shall begin October 1 of each year. At the end of each fiscal year the Authority will have at its own expense an audit prepared by an independent Certified Public Accountant for the fiscal year that shall be submitted to the Authority, the Zone and the City within 120 days after the end of the fiscal. The Authority shall furnish copies of the audit without cost to the City and the Zone Board. Per Section H (3) of the TIRZ Guidelines the funds of the Zone shall be budgeted, expended and audited in the same general manner as City bond and tax funds with such changes required by the provisions of state law. The costs of such City financial controls shall be included in the costs of administration of the Zone. The Zone budget must be submitted annually to the City Finance Department for approval and a copy of the Zone's Annual Audit must be forwarded to the City Secretary after Board approval. The audit of the TIRZ Fund for FY ending September 30,2005 is contained within the City's Comprehensive Annual Financial Report (CAFR). The attached pages are excerpts from the CAFR, which review the TIRZ Fund. Also attached is a detail of expenditures for you review.