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<br />. <br />'. <br />I . <br />, I <br />I <br />. <br />. <br />. <br />. <br />I <br />. <br />I <br />. <br />I <br />I <br />. <br />. <br />I <br />I <br /> <br />ARTICLE VII FISCAL <br /> <br />1. <br /> <br />All funds of the Administration shall be received by the Treasurer and deposited by <br />him to the credit of the Administration in a depository or depositories designated by <br />the Administration. <br /> <br />2. <br /> <br />Disbursement of such Administration funds shall be made by check signed by the <br />Treasurer and countersigned by the Chairman or Vice-Chairman of the <br />Administration. <br /> <br />3. <br /> <br />The Administration shall annually adopt and transmit to the Governor of each State, <br />its budget covering anticipated expenses for the ensuing fiscal year, and the amount <br />thereof payable by each State. <br /> <br />4. <br /> <br />The fiscal accounts of the Administration and its employees shall not be subject to <br />the auditing and accounting procedures of either the States of Colorado or Kansas; <br />provided, that each State shall have the right to make an examination and audit of <br />the accounts of the Administration at any time. <br /> <br />5. <br /> <br />All receipts and disbursements of the Administration shall be audited yearly by a <br />certified public accountant to be selected by the Administration, and the report of <br />audit shall be included in the annual report to the Administration. <br /> <br />6. <br /> <br />The Treasurer shall prepare and keep an up-to-date inventory of all the property of <br />the Administration. <br /> <br />7. <br /> <br />The fiscal year of the Administration shall begin July 1 of each year and end June 30 <br />of the next succeeding year. <br /> <br />ARTICLE VIII ANNUAL REPORT <br /> <br />1. <br /> <br />The report-year referred to in this Article for the making of the annual report shall <br />commence on November 1 and end on the succeeding October 31, <br /> <br />2. <br /> <br />The Administration shall make and transmit on or before January first of each year to <br />the Governors of the States of Colorado and Kansas and to the President of the <br />United States a report covering its activities for the preceding report-year. The <br />annual report shall include, among other things, the following: <br /> <br />(a) The receipts and expenditures of all funds of the Administration and all pertinent <br />financial data. <br /> <br />(b) All hydrologic data relating to the Arkansas River which the Administration deems <br /> <br />10 <br /> <br />AReA Readopted By.llI~ 1219197 <br />