A. The village treasurer or collector shall establish a proper system of accounts in which complete and correct entries shall be made of all transactions relative to the combined waterworks and sewerage system, and at regular intervals he shall cause to be made an audit by an independent certified public accountant of the books to show the receipts and disbursements of the combined waterworks and sewerage system as well as other necessary information. Three copies of the audit shall be furnished the underwriter of the aforementioned bonds.

B. In addition to the customary operating statements, the annual audit report shall also reflect the revenues and operating expenses of the wastewater facilities, including a replacement cost, to indicate that the sewer service charges under the waste cost recovery system and capital amounts required to be recovered under the industrial cost recovery system do in fact meet these regulations. In this regard, the financial information to be shown in the audit report shall include the following information:

1. Flow data showing the total gallons received at the wastewater plant for the current fiscal year;

2. Billing data to show the total number of gallons billed;

3. Debt service for the next succeeding fiscal year;

4. Number of users connected to the system;

5. Number of nonmetered users;

6. A list of users discharging nondomestic wastes (industrial users) and volume of waste discharged.

C. Furthermore, it shall be the duty of the village treasurer or collector to file with the president and board of trustees a monthly report which shall include for the month (i) a list of the turn-off notices which he provided the superintendent of the system, (ii) a list of the current month delinquencies, (iii) the number of bills mailed, (iv) the number of gallons billed or sold, (v) the number of gallons pumped into the system, (vi) a list of the various revenues of the system for the month and total year to date along with the expenses for the month and year to date, and (vii) the cash balances and investments on hand in each of the several funds of the waterworks and sewerage system. Reports shall be made until May 1, 2007. (Ord. 1979-7 § 32, 1979)