a. All persons owning or operating any business within the City under any franchise or privilege granted by the City shall be required to make annual reports in writing, at least ten days before the close of the fiscal year of the City, to the City Manager showing in detail the extent and manner of their operation under such franchise and their use of such franchise, together with their gross and their net earnings, and the kind and value of the property used and employed by them thereunder in such business.

b. Such persons shall, in addition to the annual report herein required, make such additional and other reports from time to time as the City Manager may deem advisable and expedient and of them demand, and shall permit the City Manager and his appointees and agents to inspect, from time to time as the City Manager may deem necessary or advisable, all the properties owned by them and used and employed by them in and about the use of such franchise and privileges together with an inspection and examination of all books, records, papers and accounts kept by them in connection with such business. (Code 1962, § 21-1)