All monies received by the City for and in connection with the business of the City government shall be paid promptly into the City depository. Such institution shall be designated by the City Council in accordance with such regulations and subject to such requirements as to security for deposits and interest thereon as may be established by the General Statutes of North Carolina. All interest on monies belonging to the City shall accrue to the benefit of the City. All monies belonging to the City shall be disbursed only in accordance with the provisions of the Local Government Budget and Fiscal Control Act.