40-1139. Annual financial statement of authority; estimate of expenses; notice of hearing on estimate

353 words·~2 min read·/az/title-40/40-1139

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. The board of directors of each metropolitan public transit authority, on or before the third Monday in July each year, shall prepare a full and complete statement of the financial affairs for the preceding fiscal year and an estimate of the different amounts which will be required to meet the expense for the current fiscal year. The estimate shall include an estimate of the amount of money required for each item of expenditure necessary for authority purposes, the amounts necessary to pay the interest and principal of outstanding bonds, the items and amounts of levy provided by law and an amount for unanticipated contingencies or emergencies.

B. The estimate shall be entered upon the minutes of the board and shall be fully itemized showing under separate heads the following:

1. The amounts estimated as required for each department, office or official, for each improvement, for the maintenance of structures and institutions and for the salaries of officers.

2. The separate amounts proposed for construction, maintenance, engineering and administration of the facilities of the authority.

3. A full and complete disclosure and statement of the contemplated expenditures for the ensuing year, showing the amount proposed to be expended from each separate fund and the total amount of proposed expense.

C. The estimate shall also contain:

1. A statement of the receipts for the previous year from sources other than direct property taxes.

2. The amounts estimated to be received during the current fiscal year from sources other than direct property taxes.

3. The amounts actually levied and the amounts actually collected for authority purposes upon the tax rolls of the previous fiscal year.

4. The amount proposed to be raised by direct property taxation for the current fiscal year.

D. The estimate required by this section shall be published with a notice that the board will hold a hearing on such estimate for the purposes provided in section 40-1140. Such publication shall be once a week for at least two consecutive weeks in the official newspaper of the county, if there is one, and if not, in a newspaper of general circulation therein.