COM 1060.005 2020-2022 - Laserfiche WebLink

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amount of all monies that the District Association proposes to collect for that fiscal year from all funding sources permitted under this District Plan and any surplus from the previous fiscal year. 7.5 COMPLIANCE WITH BUDGET The District Association shall make no expenditure other than in accordance with and pursuant to: Budget. A budget which has been approved by the District Board; and Legal Obligations. The provisions of law and this District Plan, if any, providing for the satisfaction of outstanding obligations of the District Association. 7.6 MODIFICATIONS TO BUDGET The District Board may revise the line items within any budget; provided, however,that debt service obligations for the subject fiscal year shall be satisfied. If, in any fiscal year, the revenues and surplus of the District are not equal to or greater than, in the aggregate, the amount required to cover the expenditures for that fiscal year, the District Board may choose not to implement any or all of the non-debt service expenditures set forth in the budget. 7.7 REIMBURSEMENT OF ADVANCES The District Association may enter into an agreement to receive advanced funds prior to the receipt by the District Association of the first fiscal year's assessments. Terms shall be determined by the District Board. Nothing in this District Plan shall preclude the District Board from approving budgets that contain expenditures to reimburse for funds advanced to establish the District. 8 FINANCIAL RECORDS 8.1 REQUIREMENTS The District Board shall maintain financial records regarding the operation and the contracts for supplemental services and improvements. 8.2 PUBLIC AVAILABILITY The District Board shall make such financial records available to the general public during regular business hours upon reasonable notice to the District Board. 9 SOURCES OF FUNDING Generally, the proposed sources of funding for all supplemental services, district improvements and incidental expenses of the District contemplated in this Plan, shall be the sources of funding described in this section. Subject to requirements of law, the District Board may apply all monies derived from any sources of funding permitted herein toward funding any 7