(a) The board shall adopt a budget not later than the 45th day before the start of a fiscal year. The budget may be adopted only after a public meeting has been held to explain the budget.
(b) Accounts of the board are subject to audit by the state auditor.
(c) The board shall keep minutes of its meetings and other books and records that clearly reflect all acts and transactions of the board. The board shall open its records to examination by any person during regular business hours.
(d) Not later than the 30th day after the end of a fiscal year, the board shall submit to the governor a report itemizing all income and expenditures and describing all activities of the board during the previous fiscal year.