a.Annually, but not later than May 1 of each year, the Advisory Board shall submit a budget to the City Council for approval that shows the anticipated revenues and expenditures for the ensuing fiscal year beginning July 1 and ending June 30.

b.Annually, but not later than September 30 of each year, the Advisory Board shall submit a report to the Finance Director of the City of Monterey that shows how the revenues for the prior fiscal year were spent.

c.The Finance Director is authorized and directed to establish such rules and procedures as necessary or desirable to ensure that the funds of the District are lawfully expended and to audit the expenditure of such funds whenever the Finance Director should determine that an audit is necessary or desirable. (Ord. 3680 § 5, 2024)