Section 6. - Fiscal and Budgetary Functions.

The authority shall have fiscal and budgetary functions, subject to the limitations herein expressed: (1) The fiscal year of the authority shall commence on October 1 of each year and end on the following September 30. (2) The authority shall prepare and submit its budget for the ensuing year and submit same to the council of the City of Jacksonville on or before June 1 of each year, setting forth its estimated gross revenues, and estimated requirements for operations and maintenance expenses, debt service, and depreciation. The council and the mayor shall approve or disapprove such budget in the manner provided in the charter of the City of Jacksonville for budgets of independent agencies. (3) Except as the council may otherwise provide, the authority shall utilize on a cost accounting basis the services of the central services department of the City of Jacksonville and shall pay therefor. (4) Except as the council may otherwise provide, the authority shall be subject to be audited by the council auditor of the City of Jacksonville in the manner prescribed by the charter of the City of Jacksonville for the auditing of budgets of the independent agencies of said city. (5) The authority may employ and fix the compensation of a managing director who shall manage the affairs of the system under the supervision of the authority. The managing director shall devote his entire working time to the performance of his duties and have no outside employment or business. The managing director may have such qualifications as established by the authority. The authority may also employ and fix the compensation of a professional staff. Neither the managing director nor the professional staff so employed shall be included within the civil service system of the city, anything in this chapter to the contrary notwithstanding, but shall be subject to the code of ethics, provided for in article 20 of the charter of the City of Jacksonville.