(a) The Council shall contract for an independent audit of all accounts of the City government at least once each year. The audit shall be made by certified public accountants experienced in municipal accounting. In no case shall the Council approve or extend a contract to have the same firm audit city accounts for more than six successive years. The results of the audit shall be available in the office of the Clerk-Treasurer for public inspection.
(b) The City Manager shall produce an annual report of City business. The report, to be made available to the residents of the City, shall disclose facts describing the activities and financial transactions of the City in summary form.