§ 11-54B-96 — Annual Reports and Audits

(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, all of the following:
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 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 whose purpose is to increase tourism, a list of the businesses in the designated class that are currently operating within the district.
(2) A copy of each annual report shall be sent to the mayor, the members of the governing body of the municipality, and to all district members.
(b)(1) The district management corporation shall have its books, accounts, and financial transactions annually audited by a certified public accountant.
(2) The audit shall be performed within 90 days of the close of each fiscal year.
(3) Certified copies of the audit report shall be filed within 120 days after the close of the fiscal year with the governing body of the municipality, the mayor, and the finance director or other financial control officer of the municipality.

Legislative History

(Act 2023-253, §1.)