The Parks and Recreation Board shall prepare and submit a budget to the Board of Commissioners as requested by the City Manager for consideration by the Board of Commissioners showing estimates of revenues and expenditures for each fiscal year of the City of Paris in the manner and form required of all other city budgets. The Parks and Recreation Board may request such funding from the Board of Commissioners for the Parks and Recreation Board annual budget as the Parks and Recreation Board members may deem necessary. In addition, Parks and Recreation Board may accept funds from rentals, donations, charges for use of facilities, or any gift or bequest of money or other real or personal property to be applied, either principal or income, for either temporary or permanent use for recreation purposes, provided, however, if the acceptance for such purpose will subject the municipality to additional expense for improvement, maintenance, or renewal, the acceptance shall be subject to the approval of the Board of Commissioners of the City of Paris. All funds obtained from any source shall be exclusively expended and applied under the direction and control of the Parks and Recreation Board for the purposes of this chapter. All funds received from whatever source shall be deposited with the Finance Director of the City of Paris to the account of the Parks and Recreation Board, and be reflected in the budget of the Parks and Recreation Board, and may be withdrawn and paid out in the same manner as other funds of the City of Paris.