The Official Board shall act as the Budget Committee. The budget for the forthcoming year shall be prepared and established by the Official Board at the Board Meeting during the last quarter of the current year.
A budget report and financial statement shall be presented to the Official Board at each annual meeting and made available to all members.
A deficit budget or deficit spending must have prior approval of the Official Board. Unexpected budget funds will revert back to the general fund unless approval from the Official Board has been granted to allow accumulation.