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A. Annual Report. Within 90 days of the end of each fiscal year, the city shall file with the city clerk an unaudited annual report accounting for the collection and use of the fees for each service area and shall post the report on its website in accordance with A.R.S. § 9-463.05, subsections N and O, as amended.

B. Biennial Audit. In addition to the annual report described in subsection (A) of this section, the city shall provide for a biennial, certified audit of the city’s land use assumptions, infrastructure improvements plan and development impact fees.

1. An audit pursuant to this subsection shall be conducted by one or more qualified professionals who are not employees or officials of the city and who did not prepare the infrastructure improvements plan.

2. The audit shall review the collection and expenditures of development fees for each project in the plan and provide written comments describing the amount of development impact fees assessed, collected, and spent on capital facilities.

3. The audit shall describe the level of service in each service area, and evaluate any inequities in implementing the infrastructure improvements plan or imposing the development impact fee.

4. The city shall post the findings of the audit on the city’s website and shall conduct a public hearing on the audit within 60 days of the release of the audit to the public.

5. For purposes of this section a certified audit shall mean any audit authenticated by one or more of the qualified professionals conducting the audit pursuant to subsection (B)(1) of this section. [Code 2004 § 17-24.]