§ 907.5. ANNUAL FINANCIAL REPORT.

Within four months after the close of each fiscal year, the Director of Finance shall compile and deliver a financial report to the City Council which shall be available to the public.

The intent of this section is to provide the City Council, citizens and other interested parties with information on the financial position of the City and its various agencies and funds, in sufficient detail to allow reasonable analysis by diligent study.

The report shall contain, but shall not be limited to, the following information for each fund of the City and of each agency it has created:

(A)

A description of developments occurring during the fiscal year which have affected the financial position;

(B)

A statement of financial position as of the beginning and end of the fiscal year;

(C)

A summary of revenues and expenditures for the fiscal year, compared to the adopted and the final amended budget and to corresponding information for the preceding year;

(D)

The amount paid during the year to each retirement system, compared to similar information for the preceding year;

(E)

A tabulation of unfunded obligations, including retirement obligations, as of the beginning and the end of the fiscal year, which will require commitment of resources in future years; and

(F)

Available reports by the independent auditors, with a notice of the place and the expected time at which auditors' reports not yet available can be examined.

(Sec. 907.5 amended by vote of the people 3-9-1993: Sec. 907.5 approved by the people 6-8-1976, effective August 1, 1976.)