§ 2-326. Annual reports.

(a)

Within the first ninety (90) days of each calendar year, the board shall make a written report to the quorum court of Pulaski County, Arkansas, concerning its activities for the preceding calendar year. Each such report shall set forth a complete operating and financial statement concerning its operation during the year.

(b)

All funds under the control of the board, whether held by the board or by the trustee bank or custodian, shall be subject to an annual audit conducted by a private accounting firm selected by county bidding procedures and funded by the board. The auditors shall identify any net earnings of the board defined as: (1) those moneys received by the board that are not pledged to repayment of indebtedness, and (2) those moneys not required for ordinary and necessary expenses of the board.

(c)

Pursuant to the requirements of Ark. Code Ann. §§ 14-137-110 and 111, no funds shall be expended by the board without (1) authorization by the affirmative vote of a majority of the members present at a meeting of the board, (2) duly recorded by the secretary in the minutes of the meeting, and (3) supported by documentation justifying the lawful expenditure of public funds.

(Ord. 95-OR-64, Art. 11, 8-23-95)