The report of the city treasurer shall be referred to the finance committee of the city council, and the city treasurer, whose duty it shall be to determine the value of said property, and for that purpose may in its discretion employ a competent appraiser or appraisers for the purpose of appraising said property. The fees of said appraiser or appraisers shall be paid out of any money appropriated therefor in the budget of the city treasurer. When said value has been determined, the finance committee and the city treasurer shall file a written report to the city council, which shall consider said report at its next regular meeting.