All the funds, account and financial transactions of the city shall be subjected to an annual audit. The city shall enter into a written contract with the auditor selected to conduct said audit. The audit shall be conducted in accordance with generally-accepted governmental auditing standards which include any tests of the accounting records and any auditing procedures considered necessary in the circumstances. The audit is to be conducted no later than 270 days after the end of the fiscal year. The completed audit and all accompanying documentation shall be presented to the City Council at a regular or special meeting. The city shall publish this report, together with the general purpose financial statements of the city, which shall include the combined balance sheets, combined statements of revenues, expenditures or expenses, and changes in fund balances, retained earnings, or financial positions for each fund of the city, and notes to such general purpose financial statements, in accordance with KRS Chapter 424. In addition, the advertisement shall contain a statement that copies of the financial statement prepared in accordance with KRS 424.220 are available to the public at no cost at the business address of the officer responsible for preparation of such statement.
('83 Code, § 34.12) (Ord. O-7-82, passed 3-15-82)