Financial Statement and Balance Sheet

(1) The Chief Municipal Officer shall, within three months of the close of a financial year, cause to be prepared a financial statement containing an income and expenditure account and a receipts and payments account for the preceding financial year in respect of the accounts of the Municipality and a balance sheet of the assets and liabilities of the Municipality for the preceding financial year. (2) The form of the financial statement and the balance sheet, and the manner in which the financial statement and the balance sheet shall be prepared, shall be such as may be prescribed.