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Article V <br /> Operating Budget <br /> Subdivision 1: The Commission shall adopt an operating budget for the ensuing year on or before <br /> September 1 of each year. The budget shall then be certified by the Secretary of the Commission on or <br /> before October 1 to the clerk of each Members Council together with a statement of the proportion of <br /> the budget to be provided by each Member. The Council of each Member agrees to review the budget. <br /> The Commission shall upon notice from any Member received prior.to November 1, hear objections to <br /> the budget. Such notice shall be written to the Commission's Secretary and delivered by certified mail to <br /> their principal business address. The Commission, upon notice delivered by US Mail to all Members and <br /> after a hearing, may modify or amend the budget. If no objections are-submitted to the Commission, <br /> each Member agrees to provide the funds required by the budget on or before February 1. <br /> Modifications or amendments to the original budget require a majority vote. The operating budget shall <br /> not exceed $20,000 annually. <br /> Subdivision 2: The Commission has the duty to make a full and complete financial accounting report to <br /> each Member at least once annually. A certified public accountant shall perform the audit of the <br /> Organization. The report shall include the approved budget; a reporting of revenues; a reporting of <br /> expenditures; a financial audit report or section that includes a balance sheet; a classification of revenues <br /> and expenditures; an analysis of changes in final balances; and any additional statements considered <br /> necessary for full financial disclosure; and the status of all commission projects and work within the <br /> watershed; copies of said report shall be transmitted to the clerk of each Member's Council. <br /> Subdivision 3: Member contributions to the operating budget will be determined on a percentage basis <br /> of the geographic area of each Member's subwatershed, excluding properties owned by the University <br /> of Minnesota and the Minneapolis Park and Recreation Board. In the cases of the University of <br /> Minnesota and the Minneapolis Park and Recreation Board, their shares shall be determined by that <br /> portion of property owned by them. This assessment shall be allocated as follows: <br /> 10 <br />