(a) In the performance of its operations, the district shall do all of the following:
(1) Keep and maintain records and books of accounts in accordance with the uniform system of accounts and records adopted by the Controller pursuant to Section 99243 of the Public Utilities Code.
(2) Provide for and submit to an annual independent audit of its total operations. A copy of each audit report shall be filed with the finance officer of each of the member agencies not later than 120 days following the close of each fiscal year.
(3) Consider and, following a public hearing, adopt an annual operating and capital expenditure budget and a five-year capital expenditure program, in compliance with the requirements of local, state, and federal laws.
(4) Provide for insurance coverage of liability, operations, and assets.
(5) Provide for district employee retirement benefits under the program administered by the California Public Employees’ Retirement System or other system permitted by law.
(b) The district fiscal year shall be July 1 through June 30.
(c) Notice of the time and place of a public hearing on the adoption of the annual budget shall be published pursuant to Section 6061 of the Government Code not less than 15 days prior to the day of the hearing. The proposed annual budget shall be available for public inspection at least 15 days prior to the hearing. Copies of the proposed annual budget and the capital expenditure program shall be submitted to the governing bodies of the member agencies for review and comment at least 30 days prior to the date scheduled for public hearing and final adoption.
(Added by Stats. 2013, Ch. 503, Sec. 1. (AB 664) Effective January 1, 2014.)