The Board of Directors shall make, on or before the second Monday of May, an annual report to the City Council, stating the condition of their trust on May 1 of that year, and various sums of money received from the Library Fund and from other sources, and how such monies have been expended and for what purpose; and the number of periodicals on hand, the number added by purchase, gift or otherwise during the year, the number lost or missing; the number of visitors attending; the number of books out, and the general character and kind of such books, with such other statistics, information and suggestions as they may deem of general interest. All such portions of said report as relate to the receipt and expenditure of money as well as the number of books on hand, books lost or missing, and books purchased, shall be verified by affidavit. (1944 Code § 302)