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 result of such City ownership, or ownership and operation, including all assets, liabilities, revenues and expenses. These accounts shall show the actual cost to the City for each public utility owned, the cost of all extensions, additions and improvements, all expenses of maintenance, the amounts set aside for sinking fund purposes and all operating expenses of every description. They shall show, as nearly as possible, the value of any service furnished to or rendered by any such public utility by or to any other City departments.
It shall be the duty of the superintendent of each utility or utility department to make an annual report to the City Manager on or before the first day of February of each year for the previous fiscal year with reference to the utility or utility department under his or her supervision.
The City Manager shall annually cause to be made and published for public distribution, a report showing the financial results of such ownership or ownership and operation, which report shall give the information specified in this section, and such further information as the City Manager shall deem expedient or the Council shall require.