A. No later than June 30 of each year the board of directors shall hold a public hearing to adopt and submit to the county board of supervisors and the governing body of each participating municipality and university a budget for the following fiscal year that includes:

1. 1. Receipts during the past fiscal year.
2. 2. Expenditures during the past fiscal year.

3. 3. Estimates of amounts necessary for expenses during the following fiscal year including amounts proposed for:

   1. (a) Costs of maintaining, operating and managing the public transportation system.
   2. (b) Promotional and marketing expenses of the authority for the following year.
4. 4. Anticipated revenue to the authority in the following fiscal year.
5. 5. A complete asset and liability statement.
6. 6. A statement of profit or loss from operations.
7. 7. Cash on hand as of the date the budget is adopted and the anticipated balance at the end of the current fiscal year.
8. 8. An itemized statement of commitments, reserves and anticipated obligations for the following fiscal year.