(1) The governing body shall fix the tax levy for each taxing jurisdiction within the county or municipality:
(a) by the later of the first Thursday after the first Tuesday in September or within 30 calendar days after receiving certified taxable values;
(b) after the approval and adoption of the final budget; and
(c) at levels that will balance the budgets as provided in 7-6-4034.
(2) Each levy:
(a) must be made in the manner provided by 15-10-201; and
(b) is subject to 15-10-420.