The city auditor of each city shall prepare and submit to the governing body of the city reports as follows:

1.    Monthly financial statement. A monthly financial statement shall be prepared showing the revenues, expenditures, transfers, and fund balances.

2.    Annual financial statement. An annual financial statement shall be prepared, on or before March first, showing the revenues, expenditures, transfers, and fund balances of the city for the year ended December thirty-first. This financial statement shall be retained in the office of the city auditor as a permanent public record.