§ 9.09. Accounts of municipally owned utilities.

Accounts shall be kept for each public utility owned or operated by the city in such a manner as to show the true and complete financial results of such city ownership and operation. The accounts shall show the actual capital costs of each public utility owned, the cost of all extensions, additions and improvements, and the source of funds expended for such capital purposes. They shall show as nearly as possible the cost of any service furnished to or rendered by any such utility to any city government unit. The city council shall cause an annual report to be made by a certified public accountant in connection with the annual audit, and shall publish such report showing the financial results of such city ownership or operation, giving the information specified in this section and such data as the city council shall require.