(a) At the direction of the board, the executive director shall submit a recommended budget to the board on or before June 30 of each year. The board shall adopt an annual budget by a resolution adopted by a majority of the board of directors. (b) The board shall not make any increase or addition to the annual budget after it adopts the budget pursuant to subdivision (a) unless that action is approved by a resolution adopted by at least two-thirds of the board members. (c) In the recommended and adopted budgets, and in any revisions to the adopted budget, the funding sources shall equal the financing uses. (d) The board shall provide for regular audits of the agencyâs accounts and records and shall maintain accounting records and report accounting transactions in accordance with generally accepted accounting principles adopted by the Government Accounting Standards Board of the Financial Accounting Foundation for public reporting purposes.
‹ Prev All California sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.