(a)      At least once a year, an authority shall file with the custodian of records an annual financial report of its activities for the preceding year, and shall make recommendations for any additional action by the local government which it deems necessary or useful in order to carry out the purpose of this article.

      (b)      The local government may require an authority to provide to the local government an annual operating budget and any program reports the local government may designate.

      (c)      The local government or its designee shall have the right to examine any books or records of and to conduct an audit of the authority at any time.