(b) The Board of Finance shall establish, and each department shall adopt, such system of accounting and auditing for each department of the City government as will give uniform and reliable methods for transacting the business of the City. They shall provide for regular monthly reports to be made by each department to the Board of Finance and to the Board of Aldermen. (c) The Board of Finance may annually in the month of June procure from chartered banks of known reliability and sufficient capital their offer to act as depository for the City monies, and the terms upon which they will receive such monies. They may, by vote appoint such bank or banks as depository as shall appear to be for the best interests of the City.
Vermont Legal Code