Each year the Board of Trustees and the president of the College shall prepare and submit to the county commissioners: An annual report; An operating budget; A capital budget; and If required, 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; All expenditures requested, including the major functions listed under § 16–304(b) of this title; and Any other information or supporting data required by the county commissioners. The county commissioners in each county shall review and approve the budget request made to that county and may reduce it. The operating budget of the College as outlined in this section shall be submitted to the Commission for informational purposes.