Conference/Public Meeting Agendas/Documents — Packet

b. The budget shall be submitted with a report that explains how the budget contributes to the goals and objectives for the Special Improvement District. The budget shall be reasonably itemized and shall include a summary of the categories of costs and property chargeable as follows: 1. All projected revenues and proposed expenditures 2. Each source of revenue shall be separately designated for the fiscal year. 3. A five (5) year projection of the goals and a strategy for the implementation of these goals of the Corporation. c. Reserved. d. Each year, the Corporation shall present to the Township Council a proposed budget. A public hearing shall be held to hear any objections and then the Township Council shall adopt said budget. The Tax Assessor shall prepare the list of properties in the district that are assessed according to this ordinance. This list of property owners, known as the "assessment role" shall be filed in the Municipal Clerk's office and be available for public inspection during normal office hours. Each property owner on the "assessment role" shall receive a notice annually, by mail from the Municipal Clerk at least ten (10) days before a public hearing to consider objections to be levied against the benefited and assessable properties in the West Orange Special Improvement District. In addition, notice will be published in the official newspaper. The notice shall set forth the time, place and purpose of the meeting. After the public meeting, the official assessment role shall be certified by the Municipal Clerk and sent to the Essex County Tax Board. e. The Corporation shall be responsible to refund the pro rata share of any portion of this special assessment due to a tax appeal. f. For the purposes of this section, "annual improvements" shall mean and include any reconstruction, replacement or repair of trees and planting and other facilities of the Special Improvement District and the furnishing of any other local improvements that benefit properties within the District. For the purpose of this act, "cost" shall, with respect to the annual improvements and all other costs, include planning costs, incurred or to be incurred in connection with annual improvement to and

pose of this act, "cost" shall, with respect to the annual improvements and all other costs, include planning costs, incurred or to be incurred in connection with annual improvement to and operation and maintenance of the District. g. Any balance of funds remaining unexpended at the end of the fiscal year shall remain available to the Corporation. h. The Township shall pay over funds to the Corporation semi-annually on the last day of April and October. (Ord. No. 1534-98 § 8; Ord. No. 1570-98 § III) 25-32.9 Annual Audit of the District Management Corporation. The Corporation shall cause an annual audit of its books, accounts and financial transactions to be made and filed with the Mayor and Township Council. For this purpose, the Corporation shall employ a certified public accountant of New Jersey. The annual audit shall be completed and filed with the Mayor and Township Council within one hundred eighty (180) days after the close of the fiscal year of the Corporation and a certified duplicate copy of the audit shall be filed with the Director of the Division of Local Government Services in the Community Affairs Department within five (5) days of the filing with the Mayor and Township Council. 25-32.10 Annual Report to the Municipality. The Corporation shall, within sixty (60) days after the close of each fiscal year, make an annual report of its activities for the preceding fiscal year to the Mayor and Township Council. (Ord. No. 1534-98 § 10) 175