The district budget shall be prepared as follows.
1. Preparation by board. The board of directors shall annually prepare a budget for:
A. Operational costs;
B. Bonds falling due;
C. Interest on bonds or other obligations;
D. Rentals and other charges in a contract;
E. A lease or agreement with the Maine School Building Authority; and
F. Temporary loans.
2. Distribution. At least 7 days before the district budget meeting, the board of directors shall make available to the legislative body responsible for final budget approval and residents of the district, a detailed budget document. It shall include a summary of anticipated revenues and estimated school expenditures.