(b) The district board, in addition to the duties prescribed by the ordinance creating the improvement district, shall submit an annual report to the governing body containing:
- (1) An itemized statement of its receipts and disbursements for the preceding fiscal year;
- (2) A description of its activities for the preceding fiscal year;
- (3) A recommended program of services to be performed or provided within the district for the coming fiscal year; and
- (4) A proposed budget to accomplish its objectives.