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2. Keep a record of the accounts of the Council and <br />report thereon at each meeting; <br />3. Make annual report at annual meeting; <br />4. Deposit all monies of the Council in the name of <br />Council in a bank or banks selected and designated <br />by the Council; and <br />5. Ensure that the financial records are audited <br />annually by the Chief Finance Officer of the <br />Treasurer's local government or other qualified <br />person. <br />Section 2. Elections and Vacancies <br />Election of Chairman, Vice Chairman, and Treasurer shall be <br />held at the annual meeting of the General Assembly. The Chairman <br />shall appoint a nominating committee for the election of the <br />Chairman, Vice Chairman, and Treasurer. Nominations may also be <br />made from the floor. This election may be by voice vote. <br />If a vacancy should occur due to the expiration of term of one <br />of the officers in his own jurisdiction, an acting officer can be <br />appointed by the Council to serve until the next annual meeting. <br />ARTICLE VII. FINANCE <br />A. Fiscal Year.. The fiscal year of the Council shall <br />commence on October 1. <br />B. Budget. The Treasurer, after consulting with the <br />Chairman, shall submit the annual budget on or before May. This <br />budget shall be adopted by the Council on or before August. <br />C. Yearly Membership Assessment. Each year upon adoption of <br />the annual budget, the Council shall fix membership assessments for <br />all members of the Council in amounts sufficient to provide the <br />funds required by the budget.. Any member city or county whose <br />annual assessment has not been paid by the time of the annual <br />7 <br />