At least annually, an authority shall file with the custodian of records a financial report of its activities for the preceding year and recommend any further action by the political subdivision that it considers necessary or useful to carry out the purpose of this Division II. The political subdivision may require an authority to provide it with an annual operating budget and program reports that the political subdivision designates. The political subdivision or its designee may at any time: examine the books and records of the authority; or conduct an audit of the authority.