(a) The accounts of the several officers shall be closed and in the hands of the auditors at least two weeks before the annual meeting; any officer failing to so report shall not be eligible to re-election to said office for the ensuing year.

(b) It shall be the duty of the auditors to audit the accounts of the Treasurer and other City officers and report the accounts so settled with the items thereof and also the state of the treasury, to the City at its annual meeting and said report shall be printed by the auditors at the expense of the City and circulated among the taxpayers thereof, at least one week before the annual meeting.