Cal. Pub. Util. Code § 102205

(a) The district shall annually submit its tentative or proposed budget to the legislative body of each voting entity, within the time and in the manner required in this section.
(b) The tentative or proposed budget and the final adopted budget shall, at a minimum, include the following information for the applicable fiscal year:
1. (1) The projected cost of service.
2. (2) The projected revenue from fares.
3. (3) The Transportation Development Act allocation for each member entity that is reserved for the district for operating purposes, as set forth in the finding of apportionment by the applicable transportation planning agency.
4. (4) The projected revenue from any contract of the type described in subdivision (b) of Section 102100.2.
5. (5) The projected revenue from any other local funds made available to the district by a voting entity for the operation of public transit service.
6. (6) The amount of the federal formula grant funds that was available and eligible for use during the prior fiscal year for operating purposes within the Sacramento urbanized area, including funds for cities and counties that are not represented on the board.
7. (7) The amount of the federal formula grant funds described in paragraph (6) that was allocated to entities other than the district.
8. (8) The amount obtained by subtracting the amount described in paragraph (7) from the amount described in paragraph (6), which amount represents the federal formula grant funds that were available and eligible for use by the district for operating purposes during the prior fiscal year.
9. (9) A projection of the revenue from any other source that will be available to the district for operating purposes during the fiscal year.
10. (10) The population of each voting entity, as measured by the population statistics used by the applicable transportation planning agency to allocate Transportation Development Act funds for the same fiscal year for which the budget is adopted.
(c) The tentative or proposed budget shall be submitted to the legislative body of each voting entity not less than 60 days before its adoption by the board. It shall be submitted for review and comment. The board may adopt the budget after submission to the legislative body of each voting entity, but shall consider any comments made by those legislative bodies on the budget.
(d) Concurrent with adoption of the budget, the board shall make an affirmative finding that the proposed level of service, reflected in the statement of proposed operation and level of service, to be rendered in any voting entity, is commensurate with the level of tax or financial support to be derived from each such voting entity. In determining the level of service, the board shall consider user benefits and community benefits, in terms of one or more of the following factors:
1. (1) Availability of service.
2. (2) Patronage.
3. (3) Population.
4. (4) Capital improvements.
(e) The board shall adopt its budget at a public hearing held after the submission of the tentative or proposed budget. Notice of the time and place of the hearing shall be published pursuant to Section 6061 of the Government Code and shall be made not later than the 15th day before the date of the hearing.