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 Orlando
 Code of Ordinances
 Title I. CHARTER
 Chapter 16. GREATER ORLANDO AVIATION AUTHORITY

  § 12. Revenues and Budgeting Thereof.  

Latest version.

  • Not less than one month prior to the end of each fiscal year of the Authority, which shall be the same fiscal year as that of the City, the Authority shall adopt by resolution its proposed budget for the ensuing fiscal year, and submit the same to the City Council. Such proposed budget shall include all anticipated expenditures of the Authority for all of its projects during the ensuing fiscal year, including operating expenses, capital outlays, materials, labor, equipment, supplies, payments of principal and interest on all outstanding revenue bonds of the Authority, and sinking fund and reserve requirements of such bonds. Such proposed budget shall provide for expenditures only to the extent of funds legally available to the Authority for such purposes and reasonably anticipated revenues of the Authority for the ensuing fiscal year from established sources, based upon past experience and reasonable projections thereof, and from new projects or new sources of income of the Authority. The City Council shall, within ten (10) days of its receipt of such proposed budget, conduct a public hearing with respect thereto, and in that event, the chairman and executive director of the Authority shall be present at such public hearing. Following the public hearing by the City Council, the Authority at any regular or special meeting prior to the commencement of the next fiscal year, shall adopt by resolution its budget for the ensuing year subject to the same constraints as to the amount of expenditures as set forth above with respect to the proposed budget of the Authority. Once adopted, the said budget shall not be amended except by resolution of the Authority and except by the following: the giving of ten (10) days' written notice of the proposed amendment to the City Council; and the giving of public notice of the Authority's intention to consider amending its budget, which notice shall be by publication in a newspaper of general circulation in Orange County at least ten (10) days prior to the meeting of the Authority at which such proposed amendment is to be finally considered.

    Within ninety (90) days following the close of each fiscal year, the Authority shall make a comprehensive report of its operations of each project under its control during the preceding fiscal year, including all matters relating to rates, charges, revenues, expenses of maintenance, repair and operation and of replacements and extensions, principal and interest retirements and the status of all funds. Copies of such annual reports shall be filed with the secretary of the Authority, with the City Council, with the Board of County Commissioners of Orange County, and, if the revenue bonds shall be secured by a trust agreement, with the trustee under such trust agreement, and shall be open to the inspection of all interested persons.

    The Authority shall cause an audit to be made of its books and accounts for each of its fiscal years by an independent certified public accountant, which audit shall be accompanied by the accountant's opinion and qualifications relating thereto, if any.

(Laws of Fla. ch. 57-1658, § 12; Laws of Fla. ch. 67-1834, § 6; Laws of Fla. ch. 75-464, § 18; Laws of Fla. ch. 78-578, § 2)