(a) Before the adoption of the district's annual tax rate, the president of the board must prepare, or have prepared, and the board must approve a budget to cover all proposed expenditures of the district for the succeeding tax year.(b) The budget must:(1) be itemized to make as clear as practicable a comparison between the expenditures included in the proposed budget and the actual expenditures for the same or similar purposes for the preceding tax year;(2) show as definitely as possible each project for which appropriations are included in the budget and the estimated amount of money included in the budget for each project; and(3) contain a complete financial statement of the district showing:(A) all outstanding obligations;(B) the cash on hand to the credit of each fund;(C) the money received from all sources during the preceding year;(D) the money available from all sources during the succeeding year;(E) the estimated revenue available to cover the proposed budget; and(F) the estimated tax rate required for the succeeding tax year. Added by Acts 2015, 84th Leg., R.S., Ch. 855 (S.B. 1162), Sec. 1.06, eff. April 1, 2017.