133.1. Not later than the day the budget of the Community is submitted to the Council, the chairman shall report on the financial situation of the Community, at a meeting of the Council.
The chairman shall deal with the latest financial statements, the latest report of the auditor and the latest three-year fixed assets program, with preliminary instructions regarding the financial statements for the fiscal year preceding that for which the next budget is made, and with the general direction of the next budget and the next three-year fixed assets program.
The text of the chairman’s report is distributed free of charge to each address in the territory of the Community. In addition to or instead of the distribution, the Council may order that the text be published in a newspaper circulated in the territory.