Separate accounts shall be kept for each public utility owned or operated by the City, distinct from other City accounts, and in a manner showing the true and complete financial result of City ownership or operation, or both, including all assets, liabilities, revenues, and expenses. These accounts shall show the actual cost to the City of each public utility, the cost of all extensions, additions and improvements, all expenses of maintenance, the amounts set aside for sinking fund purposes, and all operating expenses of every description. They shall show as nearly as possible the value of any service furnished to or rendered by any public utility by or to any other City department. They shall also show a proper allowance for depreciation and insurance. The Council shall annually have printed for public distribution a report showing the financial results of City ownership or operation or both. The report shall give for each utility the information specified in this section and any further information the Council may require.