(1) Efficient systems and procedures are to be established by the CEO of a local government ¾

(a) for the proper collection of all money owing to the local government;

(b) for the safe custody and security of all money collected or held by the local government;

(c) for the proper maintenance and security of the financial records of the local government (whether maintained in written form or by electronic or other means or process);

(d) to ensure proper accounting for municipal or trust ¾

(i) income received or receivable;

(ii) expenses paid or payable; and

(iii) assets and liabilities;

(e) to ensure proper authorization for the incurring of liabilities and the making of payments;

(f) for the maintenance of payroll, stock control and costing records; and

(g) to assist in the preparation of budgets, accounts and reports required by the Act or these regulations.

(2) The CEO is to ¾

(a) ensure that the resources of the local government are effectively and efficiently managed;

(b) assist the council to undertake reviews of fees and charges regularly (and not less than once in every financial year); and

(c) undertake reviews of the appropriateness and effectiveness of the financial management systems and procedures of the local government regularly (and not less than once in every 4 financial years) and report to the local government the results of those reviews.