(1) At least thirty days prior to the beginning of the first full fiscal year following the effective date of the conversion of a transit authority established under the Transit Authority Law into a regional metropolitan transit authority, the board shall establish a fiscal operating year, and annually thereafter the board shall cause to be prepared a tentative budget which shall include all operation and maintenance expenses for the ensuing fiscal year. The tentative budget shall be considered by the board and, subject to any revision and amendments adopted by the board, shall be adopted prior to the first day of the ensuing fiscal year as the budget for that year. No expenditure for operations and maintenance in excess of the budget shall be made during any fiscal year except by a two-thirds vote of the board. It shall not be necessary to include in the annual budget any statement of interest or principal payments on revenue bonds or certificates or for capital outlays, but the board shall make provision for payment of the same from appropriate funds.

(2) As soon after the end of each fiscal year as practicable, the board shall cause to be prepared and printed a complete and detailed report and financial statement of its operations and of its assets and liabilities. A reasonably sufficient number of copies of such report shall be printed for distribution to persons interested upon request, and a copy shall be mailed to the mayor of the city or chairperson of the village board of trustees and the governing body of the municipality or municipalities that form the authority.