The City Treasurer shall receive and be the custodian of all City funds or money belonging to the City and shall keep his or her books and account in such condition as to exhibit at all times the true financial condition of the City. Such books and accounts shall always be subject to the inspection of any member of Council. Such Treasurer shall keep a separate account of each fund or appropriation and the debits and credits belonging thereto and shall also give every person paying money into the Treasury duplicate receipts therefor. Such Treasurer shall pay no money out of any other appropriation on warrants draw against any fund which is exhausted and money received by such Treasurer on any special assessment or tax shall be applied only to the payment for the improvement for which such tax was levied.