7-6-604. Alternative accounting method -- requirements. A local government entity that adopts the alternative accounting method shall:
     (1) prepare its accounting records and financial reports in accordance with generally accepted accounting principles established by the governmental accounting standards board or its generally recognized successor;
     (2) adopt a fiscal year that commences on July 1 of each year;
     (3) (a) compile an annual financial report covering the preceding fiscal year and submit a copy of the annual financial report or an annual audit, pursuant to subsection (3)(b), to the department of commerce within 6 months of the end of that reported fiscal year; or
     (b) if the local government entity submits an audit report in lieu of an annual financial report, ensure that the audit report contains, at a minimum, the entity's general purpose financial statements and combining and individual fund and account group statements as defined under the principles described in subsection (1);
     (4) cause an annual audit in accordance with the provisions of Title 2, chapter 7, part 5; and
     (5) ensure that a budget is made each year that:
     (a) shows the complete expenditure program for the local government entity for the coming fiscal year and the sources by which it will be funded;
     (b) must be completed on or before the second Monday in August of the current fiscal year;
     (c) must be approved or amended by the governing body in a regularly scheduled meeting;
     (d) must be the subject of one or more advertised public hearings, pursuant to the provisions of 7-1-2121 or 7-1-4127, prior to approval or amendment; and
     (e) must be submitted to the department of commerce by September 15.

     History: En. Sec. 4, Ch. 430, L. 1995; amd. Sec. 1, Ch. 176, L. 1997.