Arizona Revised Statutes Title 45. Waters § 45-2282. Operating budget

A. On or before the third Monday of July of each year, the authority shall adopt a budget for the fiscal year that begins on July 1 of that year. The budget shall include:

B. The authority shall not budget any expenditure or disbursement from a fund that exceeds the amount of revenues estimated to be received by the fund during the year beginning July 1 except that revenues deposited in the grant fund may be expended for the purposes specified in § 45-2281, subsection C. The authority shall not make any expenditure or disbursement from a fund during the year that exceeds the amount budgeted to be expended or disbursed from the fund during the year.

C. Subject to the requirements in § 45-2281, subsection C, the authority may allocate unexpended revenues among funds on or before June 30 and include the unexpended revenues of a fund in the budgeted amount of expenditures or disbursements to be made in the fiscal year that begins July 1.

D. The allocation of revenues into the funds and the budgeting, expenditure and disbursement of the funds is at all times subject to § 45-2281, subsection C.

E. On or before the third Monday of July of each year, in connection with the preparation of the budget required by subsection A of this section the authority shall prepare a comprehensive statement of the authority's assets and liabilities and sources and application of funds.

F. The board at any time may authorize the preparation of an audited financial statement of the authority according to generally accepted accounting principles applicable to public bodies.

G. The authority shall file copies of the budget and financial statements with each member of the authority within thirty days of their adoption by the authority.