§ 21A-118. Operating budget.

(a)

On or before January 15th of each year, the Authority shall prepare and submit to the County Executive a proposed operating budget for the next fiscal year in such format as the County Executive may direct.

(b)

The operating budget shall contain a statement of all revenue estimated to be received by the Authority during the ensuing fiscal year, classified so as to show the receipts by funds and sources of income; a statement of any debt service requirements for the ensuing fiscal year; a statement of the estimated cash surplus, if any, available for expenditure during the ensuing fiscal year; a statement of any estimated deficit required to be made up in the ensuing fiscal year; an estimate of the amounts the Authority deems necessary for conducting the business of the Authority to be financed from estimated revenue for the ensuing fiscal year; a statement of the bonded and other indebtedness of the Authority; a statement of any contingency reserve which shall remain unappropriated; a comparative statement of the receipts, amounts budgeted, and annual expenditures for the last completed fiscal year; a statement of all proposed expenditures for, and estimated revenue from, leases, subleases, and similar real estate transactions; and such additional information as the County Executive may require.

(c)

If the proposed operating budget includes any item to be funded from payments (whether by lease payments, grant, or otherwise) to be received from Prince George's County, Maryland, the anticipated receipt or receipts shall be identified for each item and a copy of the proposed budget shall be submitted to the County Executive and County Council for their review and comment. The Authority may make such modification to the proposed budget as may be deemed appropriate in response to the comments of the County Executive or County Council.

(d)

On or before June 1st of each year, the Authority shall adopt the operating budget of the Authority for the next fiscal year. The operating budget of the Authority shall be balanced at all times.

(f)

The Authority may amend its operating budget at any regular or special meeting. Each member shall receive a copy of the proposed amendment with accompanying justification not less than seventy-two (72) hours prior to the meeting. If a proposed budget amendment includes an increase in any anticipated receipt from Prince George's County, Maryland, or the deletion of any facility of which the County is to be a user, copies of the proposed budget amendment shall be submitted to the County Executive and County Council for their review and comment at least thirty (30) days prior to its adoption.

(CB-84-1997)