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re -appropriated or whether any excess of revenues over expenditures shall be allocated <br />orexpended. <br />4.02 The Treasurer/Controller shall draw warrants upon the approval and written <br />order of the Board or the Board's Executive Director. The Board shall requisition the <br />payment of funds only upon approval of such claims or disbursements and such <br />requisition for payment in accordance with rules, regulations, policies, procedures, and <br />by-laws adopted by the Board. <br />4.03 All funds received by the Treasurer/Controller for services provided by the <br />ILJAOC, will be placed in object accounts, and the receipt, transfer, or disbursement of <br />such funds during the term of this Agreement shall be accounted for in accordance with <br />generally accepted accounting principles applicable to governmental entities. There shall <br />be strict accountability of all funds. All revenues and expenditures shall be reported to <br />the Board on a quarterly basis, unless otherwise required by the Board <br />4.04 All expenditures within the approved budget shall be made upon the <br />approval of the Treasurer/Controller in accordance with the rules, policies, and <br />procedures adopted by the Board. No expenditure in excess of those budgeted shall be <br />made without the two-thirds majority approval of the entire Board, and the budget shall <br />thereafter be revised and amended. <br />4.05 The records and accounts of the ILJAOC shall be audited annually by an <br />independent certified public accountant and any cost of the audit shall be paid by the <br />ILJAOC. The minimum requirements shall be those prescribed by the State Controller <br />under California Government Code section 26909 and in conformance with generally <br />accepted auditing standards. Copies of such audit report shall be filed with each Member <br />Agency no later than fifteen (15) days after receipt of said audit by the Board. <br />4.06 The Member Agencies have agreed by resolution through their respective <br />Governing Authorities to fund on a shared basis, the costs of the ILJAOC operations, and <br />capital in excess of any grant funds, through annual budget appropriations. Each Member <br />Agency's agreement to provide such funds in fiscal years after the fiscal year in which the <br />12 <br />