The board of directors of a water development district shall, at the time of organization and on or before October first of each year thereafter, adopt a budget and prepare an operations and budget report. The report must include estimates and itemizations of the district's expenses and obligations. Before the board approves the budget, the board shall hold a public hearing. The board shall publish notice of the hearing once each week, for two successive weeks, in the official newspaper of the district. The notice must state the time and place of the hearing, the purpose for the hearing, and that the hearing will include an opportunity for public comment. At the conclusion of the hearing, the board may modify the budget.
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