The land bank agency shall prepare an annual budget, and the board shall review and
approve a budget for the land bank agency proceeding each fiscal year, which will
correspond to the fiscal year of the city. Accounts shall be established and disbursements
of funds shall be in accordance with guidelines established by the board, consistent
with the recommendations of the city's finance department. While under no obligation
to do so, the city may contribute to the annual budget in such manner as approved
by the city. Such contribution or the incurring of expenses by the city on behalf
of the land bank agency, shall be reimbursed to the city from sale proceeds consistent
with subsections 74-81(a)(3) and 74-81(b)(4). There shall be an annual audit of the affairs, accounts, expenses, and financial
transactions of a land bank agency by certified public accountants as of April 30
of each year, which accountants shall be employed by the commissioners on or before
March 1 of each year, and certified copies thereof shall be furnished to the appointing
authorities described in section 74-73, and shall be available for public inspection at the office of the land bank agency.
The cost of such audit shall be paid by the land bank agency, and copies shall be
made available to the public within 30 days of the completion of the audit. In addition
to the annual audit provided for in this subdivision, the state auditor and city auditor
may conduct audits of the land bank agency at any time.
