Purpose of act

The purpose of this act is to provide an alternate budget procedure for municipal governments which will: 1. Establish standard and sound fiscal procedures for the adoption and administration of budgets; 2. Make available to the public and investors sufficient information as to the financial conditions, requirements and expectations of the municipal government; and 3. Assist municipal governments to improve and implement generally accepted standards of finance management. Laws 1979, c. 111, § 2.