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61n. Article V Budget and Financial Matters Subdivision 1: A proposed preliminary operating budget will be presented to the Commission at its July meeting. The total contributions of Members for the operating budget shall not exceed $20,000 annually. Before June 1, the proposed preliminary budget will be forwarded to all Members, the Citizens Advisory Committee and additional parties as directed by the Commission. The Commission shall hold at least one public hearing on the proposed preliminary budget prior to adoption of the preliminary budget. At least 30 days' notice to Members and such other public notice as is directed by the Commission shall be given prior to the hearing. The Commission will hear all cornments and objections to the proposed preliminary budget from any Member as well as comments from the public. The Commission may adopt the preliminary budget as proposed or modify or amend the preliminary budget. The Commission shall adopt a preliminary budget and a proposed tax levy for the ensuing year on or before September 15 of each year. The preliminary budget shall then be certified by the Executive Director of the Commission on or before October 1 to the clerk of each Member's Council together with a statement of the proportion of the budget to be provided by each Member, .if any. Each Member agrees to provide the funds required by the budget, if any, on or before February 1. The Commission shall adopt a budget and certify a tax levy to the Counties by December 31 of each year. Subdivision 2: The Commission has the duty to make a full and complete financial accounting report to each Member at least once annually. A certified public accountant shall perform the audit of the Organization. The report shall include the approved budget; a reporting of revenues; a reporting of expenditures; a financial audit report or section that includes a balance sheet; a classification of revenues aiid expenditures; an analysis of changes in final balances; and any additional statements considered necessary for full financial disclosure; and the status of all Commission projects and work within the watershed; copies of said report shall be transmitted to the clerk, or appropriate staff member of each Member's Council. Subdivision 3: Member contributions to the operating budget, if any, will be determined on a percentage basis of the geographic area of each -Member's properties and jurisdictional boundaries within the 247575 CLL MDI60-1 11