1. (a) The business owners’ association shall prepare a prospective report for each fiscal year, except the first year, for which benefit assessments are to be levied and collected to pay the costs of the activities described in the report. The owners’ association’s first report shall be due 90 days after the first year of operation of the tourism improvement district.

2. (b) The report shall be filed with the city council and shall refer to the tourism improvement district by name, specify the fiscal year to which the report applies, and, with respect to that fiscal year, shall contain all of the following information:

   1. (1) The activities and improvements to be provided for that fiscal year.
   2. (2) An estimate of the cost of providing the activities and improvements for that fiscal year.
   3. (3) The estimated amount of any surplus or deficit revenues to be carried over from a previous fiscal year.
3. (c) The city council may approve the report as filed by the business owners’ association or may make recommendations for approval to the annual report within 45 days of receiving the annual report. The annual report shall be final and approved within 90 days following its submission by the business owners’ association to the city council.
4. (d) Within 90 days after the close of the business owners’ association’s fiscal year, the business owners’ association shall have an annual audit of its books, accounts, and financial transactions made by a certified public accountant. The business owners’ association’s annual audit shall be completed and filed with the city council within 120 days after the close of the business owners’ association’s fiscal year.

(Act 2023-282, §12.)