§ 17306 — Capital and operating budgets

(a) Capital budget.--At least 90 days before the commencing of the ensuing fiscal year of the authority, a recommended capital budget shall be prepared and submitted to the board. The capital budget shall show in detail the capital expenditures to be made or incurred in the next fiscal year and financed from money subject to control or appropriation by the board. For each separate purpose, project, facility or other property, the amount and the source of the money that has been spent, encumbered or is intended to be spent or encumbered during the fiscal year shall be shown. No later than the date of the adoption of the annual operating budget, the board shall by a majority vote of its members adopt a capital budget.

(b) Operating budget.--At least 90 days before the commencing of the ensuing fiscal year of the authority, a recommended operating budget shall be prepared and submitted to the board. The operating budget shall be prepared with the aid of the governing bodies of the county and county seat. In the event that the operating budget is not in a form and detail satisfactory to a governing body, the governing body may require that the operating budget be redrafted and resubmitted, and the governing body shall not be considered to be in receipt of the operating budget or any amendments unless the form and detail is to the governing body's satisfaction. The operating budget shall set forth the estimated receipts and revenues of the authority during the next fiscal year. The board shall, at least 30 days before the end of the fiscal year, adopt by a majority vote of its members an operating budget for the next fiscal year.