An annual report shall be given on the status and use of fund balances as follows:
Within sixty (60) days of the close of a given fiscal year, the city treasurer shall produce a report for the city commission displaying the status of the budgetary fund balances of the city's operating funds, by fiscal year, through the end of the immediately preceding fiscal year, with a summary explanation of any significant factors which resulted in negative variances from corresponding fund balance ratios for the preceding fiscal year. (Ord. 896, 11-8-2004; amd. 2013 Code)