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for County purposes. The Board will be held personally liable and subject to penalty for making unbudgeted expenditures. On or before May 1 of each year the Sheriff, the Clerk and the Supervisor of Elections must each submit to the Board a tentative budget request for their respective offices for the ensuing fiscal year. The Board receives and examines the tentative budget for each fund and, subject to the notice and hearing requirements, makes such changes as it deems necessary, provided that the budget remains in balance. A summary of the tentative budget is prepared by the Board, advertised, publicly reviewed and revised prior to final approval and adoption before the end of the fiscal year on September 30. Annual Audit Florida law requires that an annual audit of all County accounts and records be completed within nine months following the end of each Fiscal Year, by an independent certified public accountant retained by the County and paid from its public funds. Description of Financial Practices The financial statements of the County are prepared in conformity with generally accepted accounting principles as applied to local government finances. The County uses funds and accounts groups to report on its financial position and the results of its operations. A more detailed description of the financial practices of the County are included in the notes to the County's financial statements included in APPENDIX B attached hereto. A copy of the County's Annual Comprehensive Financial Report for the Fiscal Year ended September 30, 2024 ("ACFR") is available from the office of the Clerk. See "FINANCIAL STATEMENTS" below herein. LIABILITIES OF THE COUNTY Pension Plans The County employees participate in the Florida Retirement System ("FRS"). FRS was created pursuant to Chapter 121, Florida Statutes, to provide a defined benefit pension plan for participating public employees. See "APPENDIX B - Annual Comprehensive Financial Report" attached hereto, Note 14, for additional information on the FRS. Other Post -Employment Benefits Pursuant to the provision of Section 112.080 1, Florida Statutes, former employees who retire from the County and eligible dependents may continue to participate in the County's respective medical/prescription, vision, dental and life insurance plans as long as they pay the premium applicable to coverage elected. See "APPENDIX B - Annual 42