A. On or before December 1 of each year the board shall make a verified statement of the financial condition of the authority as of June 30 of the preceding fiscal year, showing particularly the receipts and disbursements during the fiscal year and the source of the receipts and the purpose of the disbursements. The statement may be included in and combined with the annual report prescribed by section 45-1923, subsection C.

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Terms Used In Arizona Laws 45-1977

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Authority: means a county water augmentation authority established under this chapter. See Arizona Laws 45-1901
  • Board: means the board of directors of the authority. See Arizona Laws 45-1901
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

B. Within thirty days after the close of each fiscal year the authority shall cause an audit to be made of the funds of the authority by a certified public accountant. The board shall file a copy of the audit with the auditor general. The auditor general may make such further audits and examinations as he deems necessary and may take appropriate action relating to the audit pursuant to Title 41, Chapter 7, Article 10.1. If the auditor general takes no official action within thirty days after the audit is filed, the audit is deemed sufficient. The board shall pay any fees and costs of the certified public accountant and auditor general under this section from the general fund of the authority.