(a) Within 90 days after the close of each fiscal year, the district management corporation shall make an annual report of its activities for the preceding fiscal year to the governing body of the municipality.

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Terms Used In Alabama Code 11-54B-96

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • following: means next after. See Alabama Code 1-1-1
  • preceding: means next before. See Alabama Code 1-1-1
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(1) Each annual report shall include, at a minimum, all of the following:

a. A financial statement for the preceding year, including a balance sheet, statement of income and loss, and such other information as is reasonably necessary to reflect the corporation’s actual performance, certified by the treasurer of the corporation.
b. The budget for the current fiscal year.
c. In the case of a district whose purpose is to increase tourism, a list of the businesses in the designated class that are currently operating within the district.
(2) A copy of each annual report shall be sent to the mayor, the members of the governing body of the municipality, and to all district members.
(b)

(1) The district management corporation shall have its books, accounts, and financial transactions annually audited by a certified public accountant.
(2) The audit shall be performed within 90 days of the close of each fiscal year.
(3) Certified copies of the audit report shall be filed within 120 days after the close of the fiscal year with the governing body of the municipality, the mayor, and the finance director or other financial control officer of the municipality.
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