Each year, the board of trustees and the president of each community college shall prepare and submit to the county governing body or, in the case of a regional community college, the county governing body of each county that supports the regional community college: An operating budget; A capital budget; and If required by local law, charter, or regulation, a long-term capital improvement program. The operating budget shall show: All revenues estimated for the next fiscal year classified by funds and sources of income, including: Any funds from federal, State, and local sources; and Any surpluses; All expenditures requested, including the major functions listed under § 16-304(b); and Any other information or supporting data required by the county governing body. The capital budget and any long-term capital improvement program shall contain a statement of all capital revenues and expenditures. The capital and operating budgets shall be prepared and considered in accordance with county fiscal procedures not inconsistent with State law. The county governing body shall review and approve the budget of the community college and may reduce it. The county governing bodies of the counties that support a regional community college jointly shall review the budget of the regional community college and may reduce it. Approval of the budget by a majority of the counties that support a regional community college constitutes approval of the budget and binds all the counties. The budget of each community college, as approved by the county governing body under this section shall be submitted to the Commission for informational purposes. Proposals for capital projects shall be submitted to the Department of Budget and Management through the Commission.