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i <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 />