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