Council must also state in a policy that quarterly (once every three months) financial statements will be prepared and require that:
- the senior financial officer prepares the quarterly financial statements.
- Council must review and approve the quarterly financial statements, as recommended by the Finance and Audit Committee, no later than 45 days after the end of the quarter which the statements were prepared for.
- the quarterly financial statements include:
- the amount of money and property earned and spent, compared to the yearly budget .
- a balance sheet
- a financial institution account reconciliation
- any other information asked for by the Finance and Audit Committee or the Council