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30 <br />Article V <br />Budget and Financial Matters <br />Subdivision 1: A proposed preliminary -operating budget will be presented to the Commission at its <br />July meeting. The total n ntributiens „FMembers n sting budget n1.nn . n4 n need $28 888 <br />ffie--pfepesed en.,,:.,n..., Nudger will be fer n..,,,,,, to nll--Monrbe3s-the <br />Citizens Adviser), C:44 n and additional n..,:nn nn directed The <br />Commission shall hold at least one public hearing on the proposed preliminary budget prior to <br />adoption of the preliminary budget. At least 30 days' notice to Members and such other public <br />notice as is directed by the Commission shall be given prior to the hearing. The Commission will <br />hear all comments and objections to the proposed preliminary budget from any Member as well as <br />comments from the public. The Commission may adopt the preliminary budget as proposed or <br />modify or amend the preliminary budget. The Commission shall adopt a preliminary budget and a <br />proposed tax levy for the ensuing year on or before September 15 of each year. The preliminary <br />budget shall then be certified by the Executive Director of the Comirrissie Organization on or <br />before OetebeF September 15 to the clerk of each Member's Council tognther with a stat„•,,,,.,* na <br />the-l�r�por-tion-of th1te-be-pro-viAed by each Mer}iber—T4'any, Eel "l mag Tto <br />red--by-the-budget, if any, on or beer y 1 -and each of the County <br />Auditors. The Commission shall adopt a final budget and certify a tax levy to the Counties by <br />December 31 of each year. <br />Subdivision 2: 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 <br />the audit of the Organization. The report shall include the approved budget; a reporting of <br />revenues; a reporting of expenditures; a financial audit report or section that includes a balance <br />sheet; a classification of revenues and expenditures; an analysis of changes in final balances; and <br />any additional statements considered necessary for full financial disclosure; and the status of all <br />CommissionOrganization's projects and work within the watershed; copies of said report shall be <br />transmitted to the clerk, or appropriate staff member of each Member's Council. <br />247575v36 CLL MD160-1 <br />12 <br />