§ 11-54B-57 — Annual Reports and Audits

Alabama § 11-54B-57

• Jurisdiction: Alabama
• Title 11: Counties and Municipal Corporations
• Ch. 54B: Self-Help Business Improvement Districts
• Art. 2: Self-Help Business Improvement Districts in Class 2 Municipalities

Text

(a) Within 90 days after the close of each fiscal year, the district management corporation shall make an annual report of its activities for the preceding fiscal year to the governing body of the municipality.
(1) Each annual report shall include, at a minimum:
a. A financial statement for the preceding year, including a balance sheet, statement of income and loss, and such other information as is reasonably necessary to reflect the district management corporation’s actual performance, certified by the treasurer of the corporation.
b. The budget for the current fiscal year.
c. In the case of a district funded by assessments against businesses of a particular class, a list of the businesses of the designated class that are currently operating within the district.
(2) A copy of each annual report shall be sent to the mayor, the city council, and to all property owners, or in the case of districts funded by assessments against businesses of a particular class, business owners of the self-help business improvement district, in each case by first class mail or by personal delivery.
(b) Within 90 days after the close of each fiscal year, the district management corporation shall cause an annual audit of its books, accounts, and financial transactions to be made and filed with the municipality and for that purpose the corporation shall employ a certified public accountant. The annual audit shall be completed and filed with the governing body within four months after the close of the fiscal year of the corporation and a certified duplicate copy of the audit shall be filed with the mayor and the finance director or other financial control officer of the municipality.

Legislative History

(Act 2004-382, p. 626, §18; Act 2019-200, §2.)