The Director of Finance shall submit to Council at its second regular Council meeting of each succeeding month a monthly statement showing:
(a) All receipts of the previous month.
(b) All disbursements of the preceding month.
(c) A cumulative statement for each appropriation showing:
(1) Amount of appropriation.
(2) Amount expended against the appropriation at the end of the preceding month.
(3) Balance remaining.
The foregoing statement shall be in such further sufficient detail as may be required by Council to show the exact financial condition of the Municipality.