All money received under this chapter shall be deposited in the city treasury not later than the last day of the month in which it was received and a written report of the amount and source of the fees and charges shall be on file with the City Clerk.
(A) Utility funds. All revenues and monies derived from the operation of the City Utility Systems shall be paid to and held by the city separate and apart from all other funds of the city, and all of said sums and all other funds and moneys incident to the operation of said systems, as may be delivered to the city, shall be deposited in separate funds designated the Water Fund and Sewer Fund, and the Council shall administer said funds in the manner provided by the Iowa Code and all laws pertaining thereto.
(B) System of accounts. The city shall establish a proper system of accounts and shall keep proper records, books, and accounts in which complete and correct entries shall be made of all transactions relative to the utility systems, and when required the Council shall cause an audit to show the receipts and disbursements of the utility systems. The city shall be required annually to prepare a budget of the utility systems to show the required revenues and expenses. The city shall review the monthly user charge as it deems required and, if necessary, the user charge rates will be adjusted to produce adequate income to retire the indebtedness, meet operation, maintenance, and replacement needs, and establish required reserves.
(Prior Code, § 6-5-3)