A. Not later than June 30 each year the board of directors shall hold a public hearing to adopt and submit to the clerk of the county board of supervisors a budget for the following fiscal year which shall include:

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 stadium.
   2. (b) Promotional and marketing expenses of the district for the following year.
4. 4. Anticipated revenue to the district 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.