(1) The directors shall, prior to the first Monday in May of each year, give notice in accordance with 7-1-2121 of the intention to hold a public budget hearing. The notice shall include the date, time, place, and general agenda.
(2) At the hearing, the directors shall:
(a) review the present budget;
(b) present the budget for the next year;
(c) hear and consider protests from any elector;
(d) adopt the budget for the next year; and
(e) set the assessment for the next year.