(A) The Board of Trustees shall within 60 days after the expiration of each fiscal year, make a report to the City Council stating the condition of its trust on the last day of the immediately preceding fiscal year.
(B) This report shall be made in writing and shall be verified under oath by the secretary, or some other responsible officer of the Board of Trustees. It shall contain:
(1) An itemized statement of the various sums of money received from the Library Fund and from other sources;
(2) An itemized statement of the objects and purposes for which those sums of money have been expended;
(3) A statement of the number of books and periodicals available for use, and the number and character thereof circulated;
(4) A statement of the real and personal property acquired by devise, bequest, purchase, gift, or otherwise;
(5) A statement of the character of any extensions of library service which have been undertaken;
(6) Reserved;
(7) A statement as to the amount of accumulations and the reasons therefor;
(8) A statement as to any outstanding liabilities including those for bonds still outstanding or amounts due for judgments, settlements, liability insurance, or for amounts due under a certificate of the Board;
(9) Any other statistics, information and suggestions that may be of interest. A report shall also be filed, at the same time, with the Illinois State Library.
(C) The Board of Trustees of_a municipal library shall also submit to the City Council, along with the Illinois State Library, a statement of financial requirements of the library for the ensuing fiscal year for inclusion in the appropriation of the corporate authority, and of the amount of money which, in the judgment of the Board of Library Trustees, will be necessary to levy for library purposes in the next annual tax levy ordinance. This statement shall be submitted no less than 60 days prior to when the tax levy must be certified under the Property Tax Code.
(ILCS Ch. 75, Act 5 § 4-10) (‘69 Code, § 14-10)