(a) The Mayor, the President of the Board of Aldermen, and the City Treasurer shall constitute the Board of Finance; the Mayor shall be Chairman.

(b) The Board of Finance shall establish, and each department shall adopt, such system of accounting and auditing for each department of the City government as will give uniform and reliable methods for transacting the business of the City. They shall provide for regular monthly reports to be made by each department to the Board of Finance and to the Board of Aldermen.

(c) The Board of Finance may annually in the month of June procure from chartered banks of known reliability and sufficient capital their offer to act as depository for the City moneys, and the terms upon which they will receive such moneys. They may, by vote appoint such bank or banks as depository as shall appear to be for the best interest of the City.