48-6434. Administrative and operations budgets; annual statement and audit
A. On or before July 1 of each year, the district shall adopt an administrative budget for the next fiscal year. The budget shall consist of a complete statement of administrative expenditures from all monies during the past fiscal year and an estimate of the different amounts that may be deemed necessary to meet administrative requirements of the district for the next fiscal year, fixing the amounts proposed for all recurring items of expense and an amount for contingencies or emergencies. No administrative expenditures may be made in excess of the total amount of the budget. Economies resulting in remaining balances for any fiscal year shall be available for subsequent administrative or operating purposes.
B. The district shall also prepare an operation budget for each fiscal year covering operations and including capital items. The budget shall consist of a full and complete statement of all incoming receipts and expenditures for the past fiscal year and an estimate of anticipated income and expenditures for the next fiscal year. The budget shall also give a complete asset and liability statement and statement of all bond obligations, together with an itemized statement of cash on hand, commitments, reserves and obligations anticipated for the next fiscal year, together with such other information to provide a full and complete disclosure of the current financial condition of the district.
C. On or before December 1 of each year, the board shall make a verified statement of the financial condition of the district as of June 30 of the preceding fiscal year, showing particularly the receipts and disbursements during the fiscal year and the source of the receipts and the purpose of the disbursements.
D. Within ninety days after the close of each fiscal year, the district shall cause an audit to be made of the monies of the district by a certified public accountant. The board shall file a copy of the audit with the auditor general. The auditor general may make such further audits and examinations as the auditor general deems necessary and may take appropriate action relating to the audit pursuant to title 41, chapter 7, article 10.1. If the auditor general takes no official action within thirty days after the audit is filed, the audit is deemed sufficient. The board shall pay any fees and costs of the certified public accountant and auditor general under this section from the general fund of the district.