The City Clerk shall on the first regular meeting in each month make out and report to the City Council his monthly statement for the preceding month, which shall be given in detail the receipts and expenditures of said month; and he shall at the first regular meeting in May of each year, report in writing to the Council for the preceding fiscal year, wherein shall be given in detail the receipts and expenditures of said year.
('71 Code, § 1-10-8)