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The director of finance shall provide the Comprehensive Annual Financial Report <br />(CAFR) containing the audited unassigned fund balance to the council no later <br />than December 31 for the preceding fiscal year. This report shall be presented to <br />the committee designated to hear financial matters, or in the absence of council <br />committees the report shall be sent to the council as soon as practicable after its <br />receipt. <br />Lej If a report may be late the director of finance shall submit a written <br />communication to the council with an explanation of the reason for being late <br />before the deadlines in (c) and (d) above. The communication shall be placed on <br />the agenda in the committee charged with financial issues or in the absence of <br />council committees the communication shall be sent to the council as soon as <br />practicable. <br />SECTION 2. New material is underscored. In printing this ordinance, the underscoring <br />need not be included. <br />SECTION 3. Severability. If any provision of this ordinance or the application thereof <br />to any person or circumstance, is held invalid, such invalidity does not affect other provisions or <br />applications of the ordinance which can be given effect without the invalid provision or <br />application, and to this end, the provisions of this ordinance are declared to be severable. <br />SECTION 4. This ordinance shall take effect upon approval. <br />