(1) Funds for the general operation of an adequate comprehensive educational program shall be provided by the state.
(2) Prior to the beginning of each biennium, the local board of each community college shall develop an estimate of budget requirements for the operation of the community college for each year of the biennium and shall submit it to the State Community College Board for review.
(3) The estimate of budget requirements shall include both expected expenditures and incomes.
(4) Based on the estimates submitted by the community colleges and estimates of funds required for additional institutions that may be created during the ensuing biennium, the board shall recommend to the General Assembly and the Governor its estimate of funds necessary to support existing community colleges and ones that may be established.
(5) The amount of state revenues to be recommended for the general operation of each community college shall be the difference between the recommended budget and the total of income for general operation, including student fees and any other income except local taxes. The recommended budget for general operation shall be sufficient to provide an adequate comprehensive educational program which serves the needs of the state and the community college's service area as determined by the board.
(6) Replacement of initial equipment shall be considered as an operating cost.