8. The board shall exercise general fiscal oversight over a municipality that receives discretionary aid pursuant to this act and may:
a. Require the director to return a budget if it is determined that the local tax burden is unreasonably high;
b. Require the inclusion of line items supporting budget detail; and
c. Permit the cancellation of appropriation reserves on the same schedule as transfers, with a revised annual financial statement forwarded to the director upon the cancellation.