The fiscal year of the association shall commence on July 1 and end on the following June 30.  The president or his/her designee and the secretary/treasurer shall have the authority to approve expenses for such items as are necessary to carry out the objectives of the association, provided funds for such purposes are available in the treasury.  Except in emergency, the expenditure of the unanticipated costs in excess of $500 will not be incurred without approval of the Executive Committee.  The accounts of the association will be audited under the direction of the Executive Committee at least once annually just prior to the annual elections of officers. The annual budget and dues for all members of the MMMA shall be established by the Executive Committee and voted upon by the membership at the annual meeting in May/June.  Honorary members shall not be required to pay dues to the association.   Any supplemental assessments that are approved by a vote of the voting members present at a regular meeting will be due and payable within two months from the billing date. Any dues or assessments that are paid by a municipality for a member who, during the membership year, ceases to occupy the position he/she held when admitted for membership in the association, shall be credited to his/her successor in the event he/she makes application for membership in the same membership year.  The member who ceases to occupy the position shall be entitled to the privileges specified under the member in transition category. The association is authorized to accept contributions to the association from persons or corporations. The dues and/or assessments for any member newly admitted for membership in the association during the membership year may be prorated on a monthly basis by the Executive Committee.  In the event the dues an/or assessment for a member are not paid within four months of the billing date, the member shall be automatically be suspended until his/her dues and/or assessments are paid.