LED"M"DA'
11Y 2, 1992
33
I
1
3
t
5.
6.
Keeping of reserves
by TIC
TIC to be allowed to retain reserves
of up to an equivalent of half of its recurrent expenditure
actually incurred
in the same financial year. Surplus to be transferred to TICRF (or its successor).
Independent
management audits
on TIC
Management Audit
reports to be
submitted to ACTA.
Agreed.
Management Audits to be conducted once every few years on FS' direction. TICRP (or its successor) to appoint auditor, subject to Financial Secretary's
approval; to bear the audit costs; and to submit the audit report to the Financial Secretary.
This arrangement allows TIC to accumulate sufficient reserves to meet emergency needs and finance special projects.
This seeks to enhance the transparency of TIC operations and promote proper use of levy funds.
7.
Comments on TIC budgets
ACTA to comment on TIC budgets.
TIC to submit its annual budgets to the Financial Secretary, who may consult ACTA as appropriate.
This helps the Financial Secretary to determine the rate of the Council Levy.
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