Laserfiche WebLink
DRAFT <br />11-73-42-24 <br />caps established herein being exceeded, the budget sent to the Members for <br />review must be accompanied by a letter clearly notifying the Members of the cap <br />being exceeded, the reasons for the proposed exceedance, and the Member <br />approval required to approve the proposed budget. If the approvals required <br />herein to exceed the cap are not obtained, the total budget or assessment amount <br />shall not exceed the capped amount. <br />(e) Member Review. The City Council of each Member agrees to review the <br />proposed budget provided by the Commission. If any Member has any <br />objections, they must submit them in writing to the Board prior to August 1. <br />Upon the receipt of any such written objections, the Board shall set a date to hear <br />the Member's objections and shall provide all Members notice of the hearing and <br />a copy of the written objections. After hearing the objections, the Board may <br />modify, amend, or affirm the proposed budget by majority of all eligible votes of <br />the then existing Commissioners. <br />(0 <br />Finalized. The proposed operating budget shall be considered final if no Member <br />files an objection by August 1st• If a timely objection is received, the Board shall <br />act to finalize the operating budget after conducting a hearing on the objections. <br />The Board shall provide a copy of the final operating budget to each Member. If <br />there are objections, the Board shall include its findings and decision regarding <br />such objections with the final operating budget. <br />6.4 Supplemental Budget. <br />(a) Insufficient Funds. If the Board determines it will not have sufficient funds in the <br />Commission's general fund to pay its obligations or to otherwise fund <br />Commission operations in the present year, the Board may adopt a supplemental <br />budget to raise additional funds as provided herein. <br />(b) Public Hearing. The Board shall call a public hearing on the proposed <br />supplemental budget and provide at least 10 days' written notice of the hearing, <br />together with a copy of the proposed supplemental budget, to each Member. <br />(c) Adoption. After conducting the public hearing, the Board may adopt the <br />supplemental budget by a favorable vote of a majority of all eligible votes of the <br />then existing Commissioners. The Board shall notify each Member of the <br />adopted supplemental budget and the amount of additional assessment. <br />(d) Cap. In no case shall the budget require any Member to contribute in excess of <br />one-half of one percent of the net tax capacity of all taxable property within the <br />Watershed and within the Member's corporate boundaries in any one calendar <br />Y <br />ear. <br />(e) Additional Assessment. Members agree to pay their additional assessment to the <br />Commission within 60 days of adoption of the supplemental budget. <br />20 <br />LW1O5-1-951303.vl <br />