A. Not later than June 30 each year the board of directors shall hold a public hearing to adopt and submit to the board of supervisors a budget for the following fiscal year which shall include:
1. Receipts during the past fiscal year.
2. Expenditures during the past fiscal year.
3. Estimates of amounts necessary for administration and operation expenses during the following fiscal year including amounts proposed for:
(a) Recurring items of expense.
(b) Capital items.
(c) Unanticipated contingencies and emergencies.
(d) Events to be promoted by the authority in the following fiscal year.
4. Anticipated revenue to the authority in the following fiscal year.
5. A complete asset and liability statement.
6. A statement of profit or loss from operations.
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. An itemized statement of commitments, reserves and anticipated obligations for the following fiscal year.
9. The amount budgeted for scholarships.
B. The budget may be amended during the year to account for unanticipated revenues received after the budget is adopted.