The board shall adopt the following written policies:
(1) a code of ethics for district directors, officers, and employees, and persons who are engaged in handling investments for the district;
(2) a policy relating to travel expenditures;
(3) a policy relating to district investments;
(4) policies and procedures for selection, monitoring, or review and evaluation of professional services; and
(5) policies that ensure a better use of management information, including the use of:
(A) budgets to plan and control cost; and
(B) uniform reporting requirements based on “Audits of State and Local Governmental Units,” published by the American Institute of Certified Public Accountants, and “Governmental Accounting and Financial Reporting Standards,” published by the Governmental Accounting Standards Board.