Regulation .08 Financial Management System.

A local agency shall:

Maintain records that identify the source and use of funds expended for Program activities and which contain information pertaining to:

(1)

Authorization;

(2)

Receipt of funds;

(3)

Obligations;

(4)

Unobligated balances;

(5)

Assets;

(6)

Liabilities;

(7)

Outlays; and

(8)

Income; and

Implement procedures which ensure prompt and accurate payment of allowable costs.