(A) (1) In order to show the true and complete financial results of the ownership and operation of the waterworks and sewerage system, the Director of Finance shall keep a separate account thereof, which shall show all costs of maintenance, extension and improvement; all operating expenses of every description; the amounts set aside for any sinking fund purposes; the cost of water furnished for the use of the city and for fire protection; and a reasonable allowance for interest, depreciation and insurance, together with estimates of the amount of taxes that would be chargeable against the property if owned by a private corporation.
(2) The Director of Finance shall establish a proper system of accounts and shall keep proper books, records and accounts in which complete and correct entries shall be made of all transactions relative to the system, and at regular annual intervals he or she shall cause an audit of the books to be made by a certified public accountant to show the receipts and disbursements of the system.
(B) The Director of Finance shall estimate the annual depreciation of all property of the Waterworks and Sewerage Department and make the appropriate transfers and entries accordingly.
(Ord. passed 1-15-1957)