§ 11.11. MUNICIPALLY OWNED UTILITIES

  Accounts shall be kept for each public utility owned or operated by the City, in such manner as to show the true and complete financial results of such City ownership and operation, including all assets and liabilities, appropriately subdivided by classes, reserves and surplus; also revenues, operating expenses including interest payments, rental and other disposition of annual income. The accounts shall show actual capital cost to the City of each utility owned, also cost of all extensions, additions, and improvements and the source of funds expended for such capital purposes. The account shall show as nearly as possible the cost of any service furnished to or rendered by any such utility to any City department. The Council shall cause an annual report to be made by a certified public accountant and shall publish such report showing financial results of such City ownership and operation, giving the information specified in this section and such other data as the Council shall require.