The Finance Director shall settle an account with the Council, quarterly, and at any other time which it by resolution or ordinance requires. At the first regular meeting of such Council in January, each year, the Finance Director shall report to it the condition of the finances of the Village, the amount received by him/her, the sources of such receipts, the disbursements made by him/her, and on what account, during the year preceding. Such account shall exhibit the balance due on each fund which has come into the Finance Director's hands during the year.