There shall be established and maintained separate and distinct funds in accordance with the following:
1. Revenues. All moneys received by the City shall be credited to the proper fund as required by law, ordinance, or resolution.
2. Expenditures. No disbursement shall be made from a fund unless such disbursement is authorized by law, ordinance, or resolution, was properly budgeted, and supported by a claim approved by the Council.
3. Balancing of Funds. Fund accounts shall be reconciled at the close of each month and a report thereof submitted to the Council.