All moneys received by the town for or in connection with the business of the town government shall be paid promptly into the town depository or depositories. Such institutions shall be designated by the board of alderpersons in accordance with the regulations and subject to the requirements as to security for deposits and interest thereon as may be established by the General Statutes of North Carolina. All interest on moneys belonging to the town shall accrue to the benefit of the town. All moneys belonging to the town shall be disbursed in accordance with the provisions of the Local Government Budget and Fiscal Control Act, being G.S. §§ 159-7 et seq.