The city commission may provide by ordinance for monthly or annual financial reports by the city manager or finance director on forms prescribed by the city commission. At the end of each year the city commission shall print an annual report, giving a detailed statement of all receipts, expenditures and liabilities of the city; a detailed comparison of such receipts, expenditures and liabilities with those of the year preceding; and a summary of city commission and administrative operations for the previous twelve (12) months. A copy of this report shall be furnished to any citizens of the city who may apply therefor at the office of the clerk of the city commission.