The Director of Finance shall establish and maintain accounting procedures necessary for keeping complete and accurate financial records of the Municipality and its departments, boards, and commissions. These records shall show assets and liabilities, receipts and disbursements, taxes and assessments, and property records of the Municipality. He shall keep separate accounts for the items of appropriation in the budget, each of which shall show the amount of the appropriation, and the amounts paid therefrom, the unpaid obligation against it, and the unencumbered balance.
Such accounting procedures and financial records shall be adequate in form and in sufficient detail to make possible the furnishing of such financial reports and other financial data and statements as may be required by this Charter, Council, and the laws of the State of Ohio.