(A) For the purpose of keeping a clean and accurate account of the monies, revenues, and disbursements, there are hereby created the General Fund, and such other funds, as are required by the laws of the state, or the town ordinances, to be kept for special funds and trust or agency funds. The monies and revenues which constitute each of the said funds, having been accumulated by operation of law for such special purpose, shall be known by the name designated by law.
(Prior Code, § 3-5-1)
(B) The Town Clerk shall set up such individual accounts to record receipts by source and expenditures by purpose, as will provide adequate information and control for budgetary purposes as planned and approved by the Town Council. Each individual account shall be maintained within its proper fund as required by order of the Town Council or state law, and shall be so kept that receipts can be immediately and directly compared with specific estimates, and expenditures can be related to the appropriations which authorized it. No expenditure shall be posted except to the appropriations for the function and purpose for which the expense was incurred.
(Prior Code, § 3-5-2)