Every grantee of a franchise to operate a public utility, now enjoyed by grant or renewal or extension, or which may hereafter be granted, shall, on or before the fifteenth day of January of each year, report to the Council in detail the assets, liabilities, receipts and disbursements of such utility for the preceding calendar year and as of the close of business on December 31. Such report shall be in detail sufficient to enable the Council to determine the actual cost of service rendered, in ascertaining which an account shall be had of a reasonable return upon a fair valuation of the investment made in constructing such utility. The report shall be verified on the oath of a managing officer of the grantee, or by the grantee. A copy of such report shall be given to the Mayor. The Council may examine the books and records of the grantee to verify such report.
(Amended by electors 9-9-75)