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shall be in the same manner and upon the same terms and conditions as other local entities' investments in accordance with Government Code Section 53601; and 3) Develop periodic reports to the Board of Director and the Executive Director regarding receipts, disbursements and the financial condition of the Authority. Section 6.5. Audit. There shall be strict accountability of all Authority funds. The Authority's Auditor shall: (a) Report all receipts and disbursements to Authority; and (b) Make or contract with an independent certified public accountant to make an annual audit of Authority pursuant to requirements of Government Code Section 6505; and (c) Provide copies of the annual audit to all Member Jurisdictions and the Alameda County Auditor. Section 6.6. Budget. A procedure for adoption of an annual budget may be set forth in the By- Laws of Authority. If a procedure is not set forth in the By-Laws, the Executive Director annually shall prepare a budget for the Authority setting forth anticipated expenses, financing sources and proposed service levels and programs necessary to carry out the purposes of this Agreement. The Executive Director shall recommend the budget to the Board of Directors for approval after reviewing same with any committee the Board may establish and designate for this purpose. In the event the budget contemplates revenue in the form of monetary contributions from the Member Jurisdictions, the budget shall be submitted to each jurisdiction for approval. Section 6.7. Contributions ~ Member Jurisdictions. No Member Jurisdiction shall be required to contribute any money from its general fund or other locally-controlled funds to Authority unless first approved by the governing body of such Member Jurisdiction. As permitted at Section 2.2, any Member Jurisdiction may provide additional funding for specified transportation services which the Authority is authorized to provide. In that event, Authority will provide enhanced service levels to the contributing Member Jurisdiction in proportion to the additional funding provided. Section 6.8. Service Allocation. In order to insure that service is reasonably distributed among city Member Jurisdictions, the allocation of service hours for each city Member Jurisdiction shall be in accordance with the following formula: Service Hour Allocation =Population of Member Jurisdiction/Total Service Area Population Population for the purposes of this formula shall be the most recent annual population estimates from the State Department of Finance. However, when selecting service levels, the Board may also consider other relevant factors such as bus miles traveled, fare box revenues received, ridership, number of stops, average speed, local geography and the impact of regional 9