The Finance Department of the city shall cause to be made on or before the fourth Monday in July of each and every year, an annual statement giving a full and detailed statement of all receipts and expenditures during the preceding fiscal year; such statement shall also detail the liabilities and resources of the city and all other things necessary to exhibit its true financial condition. The statement shall be submitted to the City Clerk in typewritten form and shall be used as a basis by the Finance Committee of the City Council for the adoption of the annual city budget.
(1977 Code, § 3-6-9)