(A) The board shall report to the city council on the condition of the police pension fund. The report shall be made prior to the meeting of the council held for the levying of taxes for the year for which such report is made.
(B) The board shall certify to the city council:
1. The assets in its custody at such time;
2. The estimated receipts during the next succeeding calendar year from deductions from the salaries of policemen, and from all other sources; and
3. The estimated amount required during said calendar year to:
(a) Pay all pensions and other obligations, and
(b) Maintain the reserve fund. (1977 Code)