The board shall make a report to the council by January 1st of each calendar year. The report shall include a proposed budget for the next fiscal year. This report shall contain statements as to the condition of the property under the board’s control, and actual income and expenditures for the most recent fiscal year, together with such further information as may be required by the council. [Ord. 488 § 1, 2003; Code 1975 § 5-1.07.]