BUDGET.

(a) Before the adoption of the district's annual tax rate, the president of the board must prepare, or have prepared, and the board must approve a budget to cover all proposed expenditures of the district for the succeeding tax year.

(b) The budget must:

(1) be itemized to make as clear as practicable a comparison between the expenditures included in the proposed budget and the actual expenditures for the same or similar purposes for the preceding tax year;

(2) show as definitely as possible each project for which appropriations are included in the budget and the estimated amount of money included in the budget for each project; and

(3) contain a complete financial statement of the district showing:

(A) all outstanding obligations;

(B) the cash on hand to the credit of each fund;

(C) the money received from all sources during the preceding year;

(D) the money available from all sources during the succeeding year;

(E) the estimated revenue available to cover the proposed budget; and

(F) the estimated tax rate required for the succeeding tax year.