(1) The finance officer shall keep a permanent record, in accordance with generally accepted accounting principles, of all financial transactions of the city.

(2) The finance officer shall receive, receipt, and safely keep all money belonging to the city and select the depositories for city money and securities. The finance officer shall keep a separate set of accounts for each fund and make no disbursement from any fund other than the fund from which the disbursement is authorized.

(3) The finance officer may make monthly reports and shall make quarterly reports of revenues and expenditures for the quarters ending the last day of September, December, March, and June in each year, within 15 days after expiration of the quarters, respectively, and shall, at the expiration of each fiscal year, make a full report of the financial operations and the financial condition of the city.