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08/27/96 TUE 14:01 FAX 6129407800 DORSEY WHITNEY <br /> 3rdDRAn PER DISCUSSION 7/10196 <br /> • OperatIn;g Budget <br /> subdivisions 1! The Commission may designate one or more national or state bank or trust <br /> companies authorized by Chapters 118 and 427 of the Minnesota Statutes to receive deposits-of <br /> public monies to.act as depositories for the Organization's funds. In no <br /> event shall there be a disbursement of Commission funds without the signature of at least two <br /> Comm, s,oner one of whom shall be the Treasurer. The Treasurer shall be <br /> required to file with the Secretary of the Beard Commission a bond in the sum of at least $10,000 <br /> or such higher amount as shall be determined by the Bed Commission. The Commission shall <br /> pay the premium on said bond. <br /> subdivision 2: The Commission shall adopt an operating budget for the ensuing year on or before <br /> September 1 of each year. The budget shall require a.majority vote by a quorum of voting <br /> Commissioners. The budget shall then be certified by the Secretary of the Beat Commission on <br /> or before October 1 to the clerk of each member together with a statement of <br /> the proportion of the budget to be provided by each member. The Council of each memb <br /> Co 'ssioner agrees to review the budget. The Board Commission shall upon notice from any. <br /> e efnW Commissioner or-their Council received prior to November 1, hear objections to the <br /> budget, and may, upon notice to all merpbers and after a hearing,.modify or amend the budget. If <br /> no objections are submitted to the 33 e afd Commission. each member agrees to-provide the funds <br /> required by the budget on or before December 1. Modifications or amendments to the original <br /> budget require a favorable majoriV vote by the a quorum of the Commission. The operating <br /> budge is not to exceed$20.000 annually, <br /> subdivision 3: The Commission has the duty to make a full and complete financial accounting <br /> report to each Member at least once annually. A certified public accountant shall perform the <br /> audit of the Orga"tion. The report shall include the approved budget; a reporting of revenues; <br /> a reporting -of expenditures; a financial audit report or section that includes a balance sheet; a <br /> classification of revenues and expenditures; an analysis of changes in final balances; and any <br /> additional statements considered necessary for full financial disclosure; and the status of all <br /> 10 <br />