(A) Accounts shall be kept for each public utility owned or operated by the city distinct from other city accounts, and in such manner as to show the true and complete financial results of such city ownership and operation, including all assets, liabilities, revenues and expenses.
(B) The accounts shall show:
(1) The actual cost to the city of each public utility owned;
(2) The cost of all extensions, additions and improvements;
(3) All expenses of maintenance;
(4) The amount set aside for sinking fund purposes;
(5) In the case of city operation, all operating expenses of every description;
(6) As nearly as possible the value of any service furnished to or rendered by any such public utility by or to any other city or governmental department;
(7) A proper allowance or depreciation, insurance, interest on the investment and estimates of the amount of taxes that would be chargeable against the property if privately owned.
(C) The City Commission shall annually cause to be made and printed for public distribution a report showing the financial results of such city ownership, or ownership and operation, which reports shall given the information specified in this section and such other information as the Commission shall deem expedient.
('72 Code, § 12½-7)