Estimate and budget

Sec. 26. (a) Before August 2 of each year, the governing board shall do the following: (1) Analyze, estimate, compute, and consider the following for the current year and the next year for which the budget is being prepared: (A) The income from patients, trust funds, gifts, donations, and all other sources during the current year and receipts that the board may reasonably anticipate. (B) The expenditures already made and that may reasonably be anticipated for the hospital, including the following: (i) The price trends in food, supplies, equipment, and other items of personal property required in the hospital. (ii) The present and prospective number of patients using the hospital during the period for which the estimates are made. (iii) Other facts, conditions, and circumstances that may probably affect the income or expenses of the hospital during the period. (2) Determine whether there will be a deficiency in the funds necessary to maintain, equip, and operate the hospital in the next calendar year. (b) The estimate and budget must be: (1) in writing; (2) signed in triplicate by at least a majority of the board; and (3) certified by the secretary of the board. (c) Before August 2 of each year, one (1) copy of the estimate and budget shall be filed in the office of the auditor of the county and one (1) copy shall be filed in the office of the clerk-treasurer of the city. The third copy must remain on file with the secretary of the board.