Principles to be Observed.
Section 34
SEC. 34. Principles to be Observed.—The following principles shall be observed by all concerned relative to the financial affairs, transactions and operations of every local government: (1) As a general rule, local governments shall be allowed as much authority and flexibility over the financial aspects of their operations which are consistent with such standards and guidelines as may be prescribed by competent authorities. (2) No money shall be paid out of the treasury except in pursuance of a lawful appropriation or other specific statutory authority. No funds shall be disbursed, and no checks shall be issued without the approval or signature of the local chief executive. (3) Public funds and monies shall be spent solely for public purposes. (4) Revenue shall be obtainable from all sources, including the power to levy taxes, subject to such limitations as may be provided by law. (5) All monies officially received by a public officer shall be accounted for as government funds, except as may otherwise be specifically provided by law. (6) Trust funds shall not be paid out of the treasury except in fulfillment of the purpose for which the trust was created or the funds received. (7) Fiscal responsibility shall be shared by all those exercising authority over the financial affairs, transactions and operations of the local government unit concerned.