(1) The town clerk or other designated person shall prepare and present to the council:
(a)
(i) a quarterly financial report; or
(ii) upon request by the council, a financial report more frequently than each quarter; and
(b) an annual financial report within 180 days after the close of each fiscal year.
(2) The requirement described in Subsection (1)(b) may be satisfied by an audit report or annual financial report of an independent auditor.