AI-assisted research summary: The parish governing body and the authority’s board of commissioners must handle arena funding, budgets, gifts, and financial reporting as set out in this section.
§4690.4. Apportioning costs; expenses; budget; gifts and contributions; custody of funds; financial statement; surplus funds A. The cost of equipping, maintaining, and all other costs of the authority and arena shall be borne by the entire parish, including the incorporated municipalities therein, and all taxes levied and assessed, whether general or special, for the establishment, support and maintenance of such authority and arena or other facility shall be borne proportionally by all of the property of the parish, including that within the incorporated municipalities. B. The expenses or costs of the maintenance and operation of the arena or other facilities of the authority, including the salaries of the manager and all other employees, as well as all other incidental expenses, shall be paid monthly by the governing body of the parish upon the approval of such expenses and maintenance costs by the board of commissioners of the authority and by the governing body of the parish, out of the funds specially budgeted for the authority, and in default thereof, out of the special taxes voted, levied, and collected by the governing body of the parish for the authority's support and maintenance. C. The board of commissioners of the authority shall prepare its budget annually, which shall be submitted to the parish governing body for its approval. Moneys not budgeted and approved shall be paid by the board of commissioners only after approval of the parish governing body. D. The board of commissioners may receive and accept unconditional gifts, donations, and contributions from individuals and corporations, but no gifts or donations conditionally made shall be accepted without the approval of the parish governing body. E. All moneys, property, and other things of value given or contributed through the commissioners shall be turned over to the treasurer of the authority and shall be expended or invested by the board of commissioners with the approval of the parish governing body. F. All moneys received by the authority from rental of the arena, concessions, and from any other source other than donations, shall be turned over to the parish governing body. G. At the end of each fiscal year, a complete financial statement shall be rendered by the board of commissioners to the parish governing body; at the end of each third fiscal year fifty percent of any surplus existing at the end of said third fiscal year shall be turned over to the parish governing body to be paid into a fund for the maintenance, operation and capital improvements of the arena. Added by Acts 1979, No. 515, §1, eff. July 13, 1979.