(A) The city shall establish a proper system of accounts and shall keep proper books, records and accounts in which complete and correct entries shall be made of all transactions relative to the F.W.S.S., and at regular annual intervals it shall cause an audit of the books to be made by an independent auditing concern to show the receipts and disbursements of the F.W.S.S.
(B) In addition to the customary operating statements, the annual audit report shall reflect revenues and operating expenses of the F.W.S.S., including a replacement cost, to indicate that the water rates being charged are adequate. In this regard, the financial information to be shown in the audit report shall also include the following:
(1) Total number of gallons billed;
(2) Debt service for the succeeding fiscal year;
(3) Total number of residential users; and
(4) Total number of nonresidential users.
(C) Access to records. The Illinois Environmental Protection Agency or its authorized representative shall have access to any books, documents, papers and records of the city which are applicable to the city’s system of user charges for the purpose of making audit, examination, excerpts and transcriptions thereof to ensure compliance with the terms of the special and general conditions to any state grant or state loan.
(2000 Code, § 13.04.160) (Ord. 2009-05-0240O, passed 5-26-2009)