(a) The Council shall have an annual independent audit
of the books, records of account and minutes of proceedings maintained
by the Council prepared by an independent certified public accountant
or firm of independent certified public accountants. The audit shall
be filed with the Council and the Commissioner and shall be made available
to the public upon request to the Council or the Commissioner. The
state auditor or the Department may examine any work papers from the
independent audit or may audit the transactions of the Council if
the state auditor or the Department's internal auditor determines
that an additional audit is necessary.
(b) Not later than the 30th day after the last day
of the fiscal year the Council shall submit to the Commissioner a
report itemizing all income and expenditures and describing all activities
of the Council during the preceding fiscal year. The annual report
shall include, at a minimum:
(1) a balance sheet of assets and liabilities;
(2) an itemization of income/expenditures and;
(3) a statement of Council activities carried out in
the year covered by the report.
(c) The Department may allow for late filings of the
report required by subsection (b) of this section for good cause.
(d) The Council shall provide fidelity bonds in amounts
determined by the Council for employees or agents who handle funds
for the Council.
(e) The Council shall submit its annual budget to the
Commissioner for approval, prior to any expenditure of funds. The
Commissioner shall act on the Council's budget submission within 45
days of receipt of the submission.
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