The Redevelopment Authority may adopt by resolution rules and regulations for the operation and use of property and undertakings under its jurisdiction. The Redevelopment Authority shall adopt by resolution rules and regulations implementing temporary or contractual personnel procedures, purchasing, and bidding procedures. Such regulations shall encourage minority business participation and may contain reasonable exceptions from any competitive bidding requirements as determined by the Redevelopment Authority. On or before December 1st of each year, the Redevelopment Authority shall submit to the County Executive and County Council a financial statement of its financial condition and results of its operations for the most recently completed fiscal year. This financial statement shall be prepared in accordance with generally accepted accounting principles and shall be audited by an independent certified public accountant. The Redevelopment Authority shall provide such other reports as the County Executive or County Council may require. All matters voted upon by the Redevelopment Authority shall require a quorum of four (4) members of the Redevelopment Authority. Unless otherwise specified by statute or local law, the Redevelopment Authority may take action by resolution with respect to any matters within its jurisdiction. County-wide budgeting and human resource functions shall no longer come under Department of Housing and Community Development. Instead, those functions shall be separated and specifically designated as and for the Redevelopment Authority and shall follow applicable County procedures and regulations.