A. On or before May 31 of each year, the board shall hold a public hearing to adopt a budget for the following fiscal year that includes:

1. 1. Receipts during the preceding fiscal year.
2. 2. Expenditures during the preceding fiscal year.
3. 3. Estimates of amounts necessary for expenses during the following fiscal year, including amounts proposed for administrative costs of the authority.
4. 4. Anticipated revenue to the authority from each source in the following fiscal year.
5. 5. A complete asset and liability statement.
6. 6. A statement of profit or loss.
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.