To the extent possible, the modified accrual basis of accounting shall be used so that expenditures, other than accrued interest on long-term debts, are recorded at the time liabilities are incurred and revenues are recorded when cash is received, except for material or available revenues which shall be accrued to reflect properly the taxes levied and the revenues earned. All receipts and disbursements shall be posted promptly and at least on a monthly basis. To the extent possible, all interfund transfers shall be cleared by the end of each fiscal year.
('83 Code, § 34.08) (Ord. O-7-82, passed 3-15-82)