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5 <br />3. Responsibilities of the Counties -Continued <br />B. Insure that all Library employees are treated as employees of the <br />respective Counties and receive compensation and benefits packages <br />accordingly. <br />C. Prepare quarterly reports for the Regional System to include information <br />pertinent to library operations and expenditure of regionally appropriated <br />funds and make all library records available for inspection by the Regional <br />System or its respective at all reasonable times. <br />D. Insure that disbursements made on behalf of the libraries from State, <br />Federal and other restrictive sources are in accordance with all required <br />provisions. <br />4. Responsibilities of the Fiscal Agent and Financial Officer -The Fiscal <br />Agent and Financial Officer for the Regional System will be the Finance <br />Director of Orange County and it shall be his or her duty to: <br />A. Provide accountability for the Regional System's financial assets in <br />accordance with generally accepted accounting principles and the Local <br />Government Budget and Fiscal Control Act. <br />B. Receive, deposit, disburse and invest the Regional System's funds in <br />accordance with the guidelines contained in section 4-A above. <br />C. Prepare monthly financial statements for the Regional System and <br />present these statements to the Regional Director. <br />D. Insure that Regional System funds are audited annually as required <br />within the guidelines contained in Section 4-A above. <br />E. Insure that all fiscal reports required by grantor agencies are prepared <br />and submitted on a timely basis. <br />