Said Board shall have the care and custody of all property belonging to or used for the several public schools of said City and such care shall include authority to make ordinary repairs on school property and finish any unfinished apartments and make such alterations in any school building, as said Board shall deem best; shall employ teachers and fix their compensation; have the management and control of all the public schools of said City; establish and maintain an adequate system of financial disbursement, accounting, control, and reporting procedures that ensures that all payments are lawful and in accordance with a budget adopted or amended by the Board.