(A) The Village Financial Director 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 water system, and at regular annual intervals he shall cause to be made an audit by an independent auditing concern of the books to show the receipts and disbursements of the water system. He shall also keep such other books as the Corporate Authorities may from time to time direct. All such books and records shall at all reasonable times be open to the inspection of any member of the Corporate Authorities.
(B) In addition to the customary operating statements, the annual audit report shall also reflect the revenues and operating expenses of the water system, including a replacement cost. The financial information to be shown in the audit report shall include the following:
(1) Flow data showing total gallons pumped for the current fiscal year.
(2) Billing data to show total number of gallons billed per fiscal year.
(3) Debt service for the next succeeding fiscal year.
(4) Number of users connected to the system.
(5) Number of non-metered users.
(Ord. 858, passed 8-7-95; Am. Ord. 1059-W, passed 8-16-99)