(A) Revenues.
(1) All revenues and moneys derived from the operation of the water system shall be deposited in the Water Account of the Water Fund. All such revenues and moneys shall be held by the Village Clerk separate and apart from his or her private funds and separate and apart from all other funds of the Village Clerk, not more than ten days after receipt of the same, or at such more frequent intervals as may from time to time be directed by the President and Board of Trustees of the village.
(2) The Village Clerk shall receive all such revenues from the water system and all other funds and moneys incident to the operation of such system as the same may be delivered to him or her and deposit the same in the account of the fund designated as the “Water Fund of the Village of Wayne City, Wayne County, Illinois.” Said Clerk shall administer such fund in every respect in the manner provided by statute of the “Revised Cities and Villages Act,” effective January, 1942.
(B) Accounts.
(1) The Village Clerk shall establish a proper system of accounts and shall keep proper books, records, and accounts in which complete and correct entries shall be made of all transactions relative to the water system, and, at regular annual intervals, he or she shall cause to be made an audit by an independent auditing concern of the books to show the receipts and disbursements of the water system.
(2) In addition to the customary operating statements, the annual audit report shall also reflect the revenues and operating expenses of the water facilities, including a replacement cost. The financial information to be shown in the audit report shall include the following:
(a) Flow data showing total gallons received at the water plant for the current fiscal year;
(b) Billing data to show total number of gallons billed per fiscal year;
(c) Debt service for the next succeeding fiscal year;
(d) Number of users connected to the system; and
(e) Number of non-metered users.
(Ord. 456, passed 9-13-2002)