§ 6-300.  Custodian of City Funds.
   The City Treasurer shall receive from the Department of Collections daily all moneys received by that Department from any source and shall make daily deposits of such moneys in such banks or institutions as may be designated by the Council. He shall make specific reports daily to the Auditing Department and the Director of Finance of all receipts and deposits and of all moneys withdrawn from the City Treasury, and shall present and verify his cash account in such manner and as often as may be required.
   Sources:   Act of June 25, 1919, P.L. 581, Article XI, Sections 3, 5 and 6; see also the Fiscal Code of 1929, Act of April 9, 1929, P.L. 343, Sections 301, as amended, and 305.
   Purposes:   The City Treasurer is to be the official custodian of City funds for sound financial management requires a separation of this distinct function from that performed by other financial departments of the City government. Moneys collected by the Department of Collections are to be turned over to the City Treasurer and he is to deposit them with depositories designated by the Council. Daily reports are required to be made to the Auditing Department and the Director of Finance of receipts, deposits, and disbursements from the City Treasury for accounting purposes and so that the day to day flow of City revenues may be known.