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4.03 All funds received by the Treasurer/Controller for services provided <br />by the ILJAOC, will be placed in object accounts, and the receipt, transfer, or <br />disbursement of such funds during the term of this Agreement shall be accounted <br />for in accordance with generally accepted accounting principles applicable to <br />governmental entities. There shall be strict accountability of all funds. All <br />revenues and expenditures shall be reported to the Board on a quarterly basis, <br />unless otherwise required by the Board. <br />4.04 All expenditures within the approved budget shall be made upon <br />the approval of the Treasurer/Controller in accordance with the rules, policies, <br />and procedures adopted by the Board. No expenditure in excess of those <br />budgeted shall be made without the two-thirds majority approval of the entire <br />Board and the budget shall thereafter be revised and amended. <br />4.05 The records and accounts of the ILJAOC shall be audited annually <br />by an independent certified public accountant and any cost of the audit shall be <br />paid by the ILJAOC. The minimum requirements shall be those prescribed by <br />the State Controller under California Government Code section 26909 and in <br />conformance with generally accepted auditing standards. Copies of such audit <br />report shall be filed with each Member Agency no later than fifteen (15) days <br />after receipt of said audit by the Board. <br />4.06 The Member Agencies have agreed by resolution through their <br />respective Governing Authorities to fund on a shared basis, the costs of the <br />ILJAOC operations, and capital in excess of any grant funds, through annual <br />budget appropriations. Each Member Agency's agreement to provide such funds <br />in fiscal years after the fiscal year in which this Agreement is executed, is <br />contingent upon appropriation by the governing body of that Member Agency of <br />sufficient funds for that purpose. The subject resolutions shall not limit the <br />authority of each Member Agency to cease appropriations for the ILJAOC <br />operations as determined by their respective Governing Authorities, provided, <br />however, that a decision to cease appropriations shall be subject to the terms of <br />Section 6.02 below. In addition, where the ILJAOC has an obligation under the <br />terms of this agreement to reimburse a Member Agency for providing personnel, <br />12 <br />