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shall prepare or cause to be prepared amendments to the local comprehensive plan. Local Water Management Plans shall describe existing and proposed physical environment and land use; (b) define drainage areas and the volumes, rates and paths of storm water runoffs; (c) identify areas and elevations for storm water storage adequate to identify areas and elevations for storm water storage adequate to meet performance standards established in the watershed plan; ~d) define water quality and water quality protection methods adequate to performance standards established in the watershed plan; {e) identify regulated areas; and (f) set forth an implementation program, including a description of official controls and, as appropriate, a Capital Improvement Program. Local Water Management Plans shall be submitted to the watershed management organization for review for consistency with the watershed plan, in accordance with Minn. Stat. Sec. 473.879. Subdivision 3 - Operating Funds' On or before August 1st of each year, the Organization shall prepare an operating budget for the following year for the purpose of projecting the expenditures of the Organization. Organization expenditures may include administrative expenses, plan development, and review expenses, capital improvement costs as authorized in Section 3.11, and insurance costs as authorized in Section 3.12. Upon the approval of all voting members of the Organizati'on, the budget shall be recommended to the parties for ratification along with a statement showing each party's proposed share of the budget. The budget shall be implemented only after ratification by each party to this A~reement. Each party shall contribute funds toward the A-8