(A) The Village Treasurer 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 waterworks system and, at regular annual intervals, he or she shall cause to be made an audit by an independent auditing concern of the books to show the receipts and disbursements of the waterworks system. In addition to the customary operating statements, the annual audit report shall also reflect the revenues and operating expenses of the waterworks facilities, including a replacement cost, to indicate that water service charges under the system do in fact meet these regulations.
(B) Concurrently with the preparation of the annual audit, the Director of Public Works shall prepare an operating summary of the waterworks facilities for the fiscal year including the following data and other information as deemed necessary:
(1) Pumping data to show total number of 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 water system;
(5) Number of non-metered wastewater users, if any; and
(6) A list of users with private water supplies, if any.
(C) The IEPA or its authorized representative shall have access to any books, documents, papers and records of the village which are applicable to the village system of user charges for the purpose of making audit, examination, excerpts and transcriptions thereof to insure compliance with the terms of any special and general conditions to any state grant or state loan.
(1981 Code, § 6.17)