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An independent audit shall be made of all accounts of the city government annually and more frequently if deemed necessary by the council. Such audit shall be made by qualified accountants experienced in municipal accounting. The results of such audit shall be made public in such manner as the council may determine. An annual report of the city business shall be made available to the public in such form as will disclose pertinent facts concerning the activities and finance of the city government. The council shall provide the funds to defray the cost of the annual audit and the report herein required in each annual budget of the city.