§ 27-1. Books and accounts of City-owned utilities; annual financial reports; annual audit.

(a)

When the City shall own any public utility the POD shall keep the books of account for such public utility distinct from other City accounts, and in such manner as to show the true and complete financial results of such City ownership, or ownership and operation as the case may be. Such accounts shall be kept so as to show the actual cost to the City of the public utility owned; all cost of maintenance, extensions and improvements; all operating expenses of every description, in case of such City operation. If water, light, power or other service shall be furnished for any department of the City without charge, the accounts shall show the value of such service. Such accounts shall also show reasonable allowance for interest, depreciation and insurance, and also estimates of the amount of taxes or other assessments that would be chargeable against such property if owned by a private corporation; and such accounts shall show the net earnings or loss of such public utility, as the case may be. The POD shall cause to be printed annually, for distribution, a report showing the financial results, in form as aforesaid, of such ownership, or ownership and operation.

(b)

The accounts of such public utilities shall be examined at least once a year by a certified public accountant, who shall report to the City Council the result of such examination. Such certified public accountant shall be selected by the City Council at such time as it may deem advisable, and he shall receive for his service such compensation, to be paid out of the income or revenue from such public utility, as the City Council may prescribe.

(Code 1992, § 27-1; Laws of Fla. (1931) ch. 15505, § 18(i))