(a) A consolidated district shall adopt a fiscal year. The fiscal year may be provided for in the consolidation agreement or adopted by the board of the consolidated district after the consolidation election.
(b) The fiscal year of each district that has been consolidated ends on the last day of the month in which the consolidation election was held. Audits of each district that was consolidated shall be prepared up to and through the last day of the month in which the consolidation election was held. The first audit of the consolidated district shall be for the period beginning on the first day of the month after the consolidation election and ending on the last day of the fiscal year adopted for the consolidated district.
(c) A budget shall be adopted for the period beginning on the first day of the month after the consolidation election and continuing through the end of the fiscal year adopted for the consolidated district.