§ 47–371. Findings.

The Council of the District of Columbia finds that:

(1) The diversity of governmental functions, activities, and programs requires that they be accounted for in several different funds and that the funds represent separate accounting entities;

(2) The number of funds should be kept to the minimum necessary for sound financial administration;

(3) The financial information and reporting needs can vary depending on the specific requirements of agency management, the Mayor, the Council, grantors, and the public;

(4) Change is increasingly a major factor in governmental accounting and reporting and the District must be capable of responding to these changes;

(5) Control and accountability over District resources is a primary function of all public officials and employees; and that the Mayor under § 1-204.48(a)(2) has the authority and responsibility for monitoring systems of accounting;

(6) The financial accounting of the District and the systems supporting this accounting must provide for timely, accurate, and full and complete financial disclosure;

(7) The fund structure and the financial systems and related accounting policies, practices, and procedures must provide information to demonstrate compliance with applicable laws and administrative regulations and enable the District to report its financial activities in accordance with generally accepted accounting principles;

(8) Section 47-119(a) requires that for the fiscal year beginning October 1, 1979, that financial statements should be prepared in accordance with generally accepted accounting principles;

(9) As an outgrowth of the study and activities of the Temporary Commission on Financial Oversight of the District of Columbia, a proposed fund structure for the District has been recommended that will provide a modern financial systems base for sound financial management of the District, and preparation of financial statements in accordance with generally accepted accounting principles;

(10) The said system requires certain changes in the current fund structure of the District of Columbia; and

(11) The Council intends to adopt said fund structure and policies in order to respond to change and meet the information needs of the various users of financial information to assist the Mayor to design, implement and operate the financial systems and policies, procedures, practices and controls necessary for the sound financial management and administration of the District in a manner consistent with generally accepted accounting principles.