(a) Each year the board of commissioners shall prepare a proposed budget for the district for the next fiscal year, which shall include an estimate of the revenue of the district from fares and other sources, except municipal contributions, and the expenses for the next fiscal year, including debt service. The proposed budget shall be sent to the legislative branch of any member municipality by certified mail. The board of commissioners may call a meeting or meetings of the residents of its member municipalities for the purpose of presenting the proposed budget. Any meeting called shall be warned by a notice published in a newspaper of general circulation in the area of operation at least seven days prior to the meeting containing the date, time and place at which the meeting is to be held and a statement of the purpose of the meeting.

(b) Annually, following the distribution provided in subsection (a), the board of commissioners shall review the proposed budget of the district in light of any discussion, and shall then adopt the budget with or without changes and determine the contributions to be requested from member municipalities. (Added 1981, No. 195 (Adj. Sess.), § 1; amended 1983, No. 120 (Adj. Sess.).)