(a) The officers of the district management corporation shall submit a detailed annual budget for approval by its board of directors including proposed expenditures and proposed sources of funding, which may include voluntary donations. The budget shall explain how it contributes to goals and objectives for the business improvement district.
(b) The budget shall be introduced, approved, amended, and adopted by resolution passed by not less than a majority of the full membership of the board of directors. The procedure for passing a budget shall be as follows:
(1) Introduction and preliminary approval of the budget.
(2) Public advertising of the budget.
(3) Public hearing relating to the budget.
(4) Amendments to the budget and public hearings relating to those amendments.
(5) Adoption of the budget.
(6) No budget shall be adopted until a public hearing has been held thereon and all persons having an interest therein have been given an opportunity to present objections.
(c) The board of directors may amend the budget during or after the public hearing.
(d) No amendment to the budget by the board of directors shall be effective until taxpayers and all persons having an interest therein have been granted a public hearing thereon, if the amendment does or provides for any of the following:
(1) Adds a new item in an amount in excess of 10 percent of the total amount as stated in the approved budget.
(2) Increases or decreases any item within the budget by more than 10 percent of the amount stated in the approved budget for the item.
(3) Increases the amount needed to be raised by special assessment by more than 10 percent of the total special assessment revenues stated in the approved budget.