At the regular meeting of the governing body at which the assessment list is to be acted upon, any person aggrieved by the determination of the city auditor in regard to any assessment, who has appealed therefrom as provided in section 40-23.1-12, may appear before the governing body and present that person’s reasons why the action of the city auditor should not be confirmed. The governing body shall hear and determine the appeals and objections and may increase or diminish any of such assessments as the governing body may deem just, in the event that the formula provided for in sections 40-23.1-02 and 40-23.1-03 proves to be inapplicable. The governing body may increase or diminish any assessment as may be just and necessary to make the aggregate of all assessments equal to the total amount required to pay the entire cost of the work for which such assessments are made or the part of     such cost to be paid by special assessment. No assessment may exceed the benefits as determined, in accordance with this chapter by the city auditor, to the parcel of land assessed.