It shall be the duty of the board of directors and it shall have the power to:
(a) Determine the transit facilities to be acquired and constructed by the district, the manner of operation, and the means to finance them.
(b) Adopt an annual budget for the district and fix the compensation of its officers and employees. The board may provide in the budget for a reasonable replacement reserve.
(c) Fix rates, rentals, charges, and classifications of transit service operated by the district.
(d) Adopt an administrative code which shall prescribe the powers and duties of district officers, the method of appointment of district employees, and methods, procedures, and systems of operation and management of the district.
(e) Adopt rules and regulations governing the use of transit facilities owned or operated by the district.
(f) Cause a postaudit of the financial transactions and records of the district to be made at least annually by a certified public accountant.
(g) Do any and all things necessary to carry out the purposes of this part.