The Mayor and City Council of Ocean City may: employ and set the salaries for a Convention Center manager and other necessary personnel; accept donations or grants for the maintenance and operation of the Convention Center; receive aid for the Convention Center from the federal government, the State, counties, or municipalities; set reasonable fees for the use of the Convention Center facilities; grant, on the basis of competitive bidding, concessions on the premises of the Convention Center for the sale of food or beverages, including, subject to the Alcoholic Beverages Article, alcoholic beverages; and perform any act necessary to operate the Convention Center. The Mayor and City Council of Ocean City shall: keep records of the Convention Center consistent with sound business practice; conduct an audit of the accounts of the Convention Center at the end of each calendar or fiscal year; and submit to the Board of Public Works a detailed annual report on the activities and finances of the Convention Center.