(a) The board shall propose an annual budget based on the apportionment described by Section 363.154. The board shall consider the applications for program funding in preparing the proposed budget.
(b) The proposed budget must contain a complete financial statement, including a statement of:
(1) the outstanding obligations of the district;
(2) the amount of cash on hand to the credit of each fund of the district;
(3) the amount of money received by the district from all sources during the previous year;
(4) the estimated amount of money available to the district from all sources during the current fiscal year;
(5) the amount of money needed to fund programs approved for funding by the board;
(6) the amount of money requested for programs that were not approved for funding by the board;
(7) the tax rate for the next fiscal year;
(8) the amount of the balances expected at the end of the year in which the budget is being prepared; and
(9) the estimated amount of revenues and balances available to cover the proposed budget.