(1) The city clerk in cities of the first class shall have the custody of all the laws and ordinances of the city and shall keep a regular and correct journal of the proceedings of the city council.
(2) The city clerk, city clerk-treasurer, or city treasurer, as the case may be, shall submit monthly a full report and a detailed statement of the financial condition of the city.
(3) The report shall show receipts, disbursements, and balance on hand, together with all liabilities of the city.
(4) The report shall be submitted to the council in open session.