After the initial meeting to elect the governing body, an annual meeting shall be held to elect such directors whose terms shall expire, to render a report on the financial condition and activities of the district and to adopt a budget in the manner provided by K.S.A. 79-2925 et seq., and amendments thereto. Notice of the annual meeting shall be given to all members of the district by first class mail, postage prepaid, at least 10 days prior to the date of the annual meeting.
K.S.A. 82a-2307