A. The board shall issue an annual financial report showing the receipts and expenditures of all monies and the district‘s assets and liabilities at the end of the fiscal year.

Terms Used In Arizona Laws 48-1308

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Board: means the board of directors of a district. See Arizona Laws 48-1301
  • Council: means the cotton research and protection council established by Title 3, Chapter 10. See Arizona Laws 48-1301
  • District: means a cotton pest control district established pursuant to this chapter. See Arizona Laws 48-1301
  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

B. The board shall prepare an annual budget of proposed revenues and expenditures at least sixty days before the beginning of the fiscal year.

C. The board may choose to deposit district monies with the council to be spent at the board’s direction.

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