(a) The director shall prepare, under the direction of the board, an annual budget for the district. The budget and any revision of the budget must be approved by the board.
(b) As soon as practicable after the end of each district fiscal year, the director shall prepare and present to the board a written report of all money received by the district and how the money was spent during the preceding fiscal year. The report must show, in detail, the operations of the district for the period covered by the report.
(c) The board annually shall have an independent financial audit made of the district.