Section 8. Accounts of Municipally-Owned Utilities
   Accounts shall be kept for each public utility owned or operated by the city, in such a manner as to show the true and complete financial results of such city ownership and operation, including all assets, appropriately subdivided by classes, depreciation reserve, other reserves and surplus; also revenues, operating expenses including depreciation, interest payments, rental and other disposition of annual income. The accounts shall show the actual capital cost to the city of each public utility owned, also the cost of all extensions, additions and improvements, and the source of funds expended for such capital purposes. They shall show as nearly as possible the cost of any service furnished to or rendered by any such utility to any city or governmental department. The City Council shall cause a semi-annual report to be made by a qualified public accountant and shall publish such report showing the financial results of such City ownership and operation, giving the information specified in this section and such data as the City Council shall deem expedient.