§ 2-342. 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 report shall set forth a complete operating and financial statement covering the board's 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 monies received by the board that are not pledged to repayment of indebtedness; (2) those monies not required for ordinary and necessary expenses of the board; and (3) those monies released from such a pledge by means of defeasance or restructure of an existing bond issue.

(Ord. No. 02-OR-22, Art. 11, 4-23-02)