Section 565.555 - Budget; audits; activities reporting(1) The State Fair Council shall adopt a budget on a biennial basis using classifications of expenditures and revenues required by generally accepted accounting principles applicable to governmental entities. The budget is not subject to review and approval by the Legislative Assembly or to modification by the Legislative Assembly or the Emergency Board. The budget is not subject to any expenditure limit or to an allotment process. All moneys received or collected by the council are available for use as provided under this chapter at the discretion of the council.(2) Prior to adopting or modifying a biennial budget, the council shall make the proposed budget, the adopted budget for the biennium then in progress and a financial report for the completed months of the biennium then in progress available for public review on a website maintained by the council for Oregon State Fair purposes. The council shall hold at least one regularly scheduled public meeting at which the public may comment on the proposed budget or modification. The council shall adopt a budget or budget modification at a regularly scheduled public meeting that is subsequent to the meeting at which the council allows public comment on the proposed budget or modification.(3) The council shall submit to periodic audits by the Secretary of State. The council may retain a public accounting firm to annually examine and attest to the financial operations of the council. The council shall include the results of any public accounting in the annual report submitted to the Legislative Assembly under subsection (4) of this section.(4) The council shall file an annual report with the Governor, a committee or interim committee of the Legislative Assembly dealing with economic development, the Legislative Fiscal Office and the Oregon Department of Administrative Services regarding the activities of the council, including but not limited to the conducting of the Oregon State Fair, the carrying out of fairground business operations and the operation of fairground properties and facilities as an exposition center and the resulting revenues and expenses.