XN000022-1992-07-08 — Page 35

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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