The Finance Director shall establish and maintain a set of accounts
within a fund, designated as the “Sewer Use Fund,” for
the purpose of recording and reporting on the assets, liabilities,
revenues, expenses, and fund balances resulting from the assessments,
fees, and other charges as described in this chapter.
The Finance Director shall annually present a financial budget
for the Sewer Use Fund. The budget shall include a schedule for revenues,
operating expenses, capital expenses, and debt service for the fund.
The Finance Director shall prepare and report to the Town Council
an annual financial statement of operating revenues and expenses,
assets and liabilities, and fund balance as of June 30 of each year
for the Sewer Use Fund. The report shall be submitted to the Town
Council no later than the regularly scheduled meeting of September.
The Sewer Use Fund financial report shall be included as a part
of the annual Town-wide financial audit.