144.7. At least four weeks before the borough budget is sent to the executive committee pursuant to section 143.2, the mayor of the borough, at a meeting of the council, shall report on the financial position of the city in respect of the borough.
The mayor of the borough shall report more particularly on the latest financial results, the latest program of capital expenditures, preliminary information regarding the financial results for the fiscal year preceding that for which the next budget will be made and the general orientation of the next budget and the next program of capital expenditures to be drawn up by the borough council.
The mayor of the borough shall also report on the external auditor’s latest report and the auditor general’s latest report, only to the extent that they contain elements specifically concerning the borough.
The mayor of the borough shall also table a list of all contracts involving an expenditure exceeding $25,000 entered into by the borough council since the last meeting of the council at which the mayor of the borough reported on the financial position of the city in respect of the borough in accordance with the first paragraph.
The mayor of the borough shall also table a list of all contracts involving an expenditure exceeding $2,000 entered into within that period with the same contracting party, if those contracts involve a total expenditure exceeding $25,000.
The list shall indicate, for each contract, the name of each contracting party, the amount of the consideration and the purpose of the contract.
The borough mayor’s report must be distributed free of charge to every civic address in the borough. In addition to or instead of this distribution, the borough council may order that the report be published in a newspaper circulated in the borough.