(1) In a county that has adopted a fiscal period that is a biennial period under Section 17-63-201, the governing body shall, in a public hearing before December 31 of the first year of the biennial period, review the individual budgets of the funds set forth in Sections 17-63-301 and 17-63-802 for the second year of the biennial period.
(2) In each review under Subsection (1), the governing body shall follow the procedures of Section 17-63-304 for holding a public hearing.