On or before March first of every year, it shall be the duty of the officers of said organizations or associations to render a full and complete account to city council of all transactions of the past year, showing all receipts and disbursements. A copy of such account shall be filed with the city controller who shall audit the same and render to city council a detailed report of his examination. The city treasurer shall distribute no funds as above provided until such report has been filed and approved by city council by resolution.