There is created a revolving fund to be used solely for the purpose of making advance payments for travel expenses. The finance director of Aberdeen is designated as the official responsible for the fund. The revolving fund will be maintained in a bank as a checking account and advances to officials or employees will be by check. The fund will be replenished by a warrant. The city treasurer shall adopt appropriate rules and regulations in regard to the advance payment for travel expenses and such rules and regulations shall be approved by the city council. The finance director of Aberdeen shall be responsible for auditing the fund.