(1) Monthly Reports. There shall be submitted to the council at the first meeting of each month a report showing the activity and status of each fund, program, subprogram and activity for the preceding month.

(2) Annual Report. Not later than October 1st of each year there shall be published an annual report containing a summary for the preceding fiscal year of all collections and receipts, all accounts due the city, and all expenditures, the current public debt of the city, and the legal debt limit of the city for the current fiscal year. A copy of the annual report must be furnished to the auditor of the state.