(a) A financial statement of annual income and expenditures shall be prepared by the City at least one time each year. Copies of the financial statement shall be available to the public upon request.

(b) Annually, or at any time designated by resolution of the Council, the City financial books and records shall be audited. The City Manager may make contracts or agreements with a person, association, or corporation for a periodic audit of the City’s finances. The cost of such audit shall be a City expense. In addition, any City resident shall be given the opportunity, on reasonable request, to examine and conduct an independent audit of the City’s books and records. The cost of such an audit shall not be paid by the City. [Code 1979 § 6.03.]