|(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, the Commissioner and shall be made available
to the public by 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;
(3) a statement of Council activities carried out in
the year covered by the report; and
(4) copies of any resolutions adopted by the Council
regarding the program.
(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) Prior to any expenditure of funds, the Council
shall submit its annual budget to the Commissioner for approval. The
Department shall act on the Council's budget submission within 45
days of the Department's receipt of the submission.