Each year, the county treasurer shall estimate the amount of money each political subdivision in such county (including the county as one such political subdivision) will receive from the local ad valorem tax reduction fund. The state treasurer shall advise each county treasurer, prior to June 1 of each year, of the amount of the local ad valorem tax reduction fund of the state that the state treasurer estimates (using the most recent available information) will be paid to such county on January 15 and July 15 of the following year. The county treasurer shall before June 15 of each year, notify the treasurer of each political subdivision of the estimated amount in dollars of the distributions to be made from the local ad valorem tax reduction fund. Such estimate shall be made in accordance with Kan. Stat. Ann. § 79-2961. Each tangible property tax levying political subdivision shall set out a local ad valorem tax reduction fund item of income for one or more tangible property tax funds of general application (excepting bond and interest funds), in its budget for the current year tax levies, the amount which the county treasurer has estimated as the share of such local ad valorem tax reduction funds to be so credited. The director of accounts and reports shall make suitable provision in the budget forms to be used by such subdivisions for listing local ad valorem tax reduction fund income items.