Annually, the district committee shall determine the amounts necessary to be raised to maintain and operate the district during the next calendar year, and the amounts required for payment of debt and interest incurred by the district that will be due in the next year. The committee shall adopt a budget for the upcoming year no later than December 31. The committee shall prepare a budget and make a preliminary apportionment of the amount so determined among the member municipalities in accordance with the terms of the district agreement. Prior to December 31 of each year the district committee shall hold at least one public hearing at some convenient place in the district on the amounts required in the budget and the preliminary apportionment of the amounts listed in the budget. At least 7 days’ notice of the meeting shall be given by publication of the budget and apportionment in a newspaper of general circulation within the district, and by posting a copy of the budget and apportionment in a public place in each municipality in the district. After the hearing the committee shall adopt a budget and make a final determination of the apportionment among the member municipalities. After the committee has adopted the budget and determined the apportionment of the expenses, the district treasurer shall certify to the governing body of each member municipality the amount of money assessed each member municipality. The governing body of each member municipality shall seasonably assess the taxes to be raised to pay the apportionments. The municipal treasurer shall pay to the district the amount so apportioned at the times specified in the district agreement.