[R.O. 2003 § 145.160; Ord. No. 2.202 § 8, 12-5-2002]
The North Central Missouri Regional Airport Board shall operate on an annual budget approved and funded equally by both the City of Marceline and the City of Brookfield. For the period of December 1, 2002 through October 31, 2003, the amount of budgeted funding shall be determined jointly by the City Councils. Thereafter, the Board shall submit for approval to both City Councils a proposed operating budget for the following twelve-month period. Said operating budget shall be submitted by no later than the first day of August of each succeeding year and shall be considered as a recommended budget for approval by both City Councils. The City Councils shall reserve the right and authority, jointly, to approve said recommended annual budget or revise said annual budget as may be deemed appropriate or necessary. In order to facilitate review and approval of the annual budget, the Board shall provide each City Council an accounting of expenses and costs each month in an accounting format approved by both City Councils.