I think it meets the bare minimum as a top level report. It would also require a written report outlining specific "big ticket" expenditures and it would need to be discussed and voted on. If this is all that is provided and if it is rubber stamped without discussion then it is insufficient.
I did notice that admin costs and prof. fees come in at just under 20% of the budget which is actually pretty good. (And no I am not an OW plant.)
And if my back of the envelop calculation is right (assuming 50,000 players) the total budget it works out to about $65 per player.