Section 68-221-1306 - Executive director - Budget(a) The board shall appoint an executive director, who shall be the chief executive and administrative officer of the authority. The board shall enter into a contract with the executive director establishing the director's salary and term of office.(b) The executive director is responsible for all personnel matters related to the authority, including, but not limited to, recruitment, discipline and compensation.(c)(1) The executive director shall annually prepare the operating budget of the authority and submit the budget to the board for approval at least sixty (60) days prior to the beginning of the fiscal year.(2) If the board has not acted on the budget by the first day of the fiscal year, the budget shall then automatically go into effect.(3)(A) Prior to the beginning of the fiscal year, an authority, whether created pursuant to this chapter or a public or private act, shall adopt a balanced annual operating budget that identifies the authority's anticipated revenues by source and anticipated expenses by type of expense. The budget must be:(i) Based upon historical operating results and reasonably anticipated future operations; and(ii) Created in conformity with generally accepted accounting principles and prepared in a form consistent with accepted governmental standards and as approved by the comptroller of the treasury, or the comptroller's designee.(B) A budget as adopted must be submitted to the comptroller of the treasury, or the comptroller's designee, for approval.(C) The comptroller of the treasury, or the comptroller's designee, shall provide guidance to the form of a budget, including supplemental schedules, as necessary, to demonstrate that an authority has adequate cash to meet current obligations, including principal and interest, as applicable.(D) If a proper budget is not approved by or submitted to the comptroller of the treasury, or the comptroller's designee, within two (2) months of the beginning of the fiscal year, then the authority shall not issue a debt or financing obligation until the comptroller of the treasury, or the comptroller's designee, has approved the budget, or as otherwise provided for in a manner approved by the comptroller of the treasury, or the comptroller's designee.(E) In the case of an emergency, the comptroller of the treasury, or the comptroller's designee, may waive the requirement of budget approval in order to allow the authority to enter into emergency financial transactions.(d) The executive director shall also submit periodic reports to the board that it may direct.(e) The executive director shall attend all meetings of the board.Amended by 2023 Tenn. Acts, ch. 463, s 49, eff. 7/1/2023.Amended by 2021 Tenn. Acts, ch. 256, s 9, eff. 4/28/2021. Acts 2007 , ch. 250, § 1.