(1) Within 60 days of the initial organizational meeting of the board under section 202(c)¹ and each October 15 thereafter, an authority shall adopt a budget as approved by the board specifying in reasonable detail the projected expenses of operation of the authority for the ensuing fiscal year, including the salary and benefits of the executive director and any other employees of the authority, and the projected revenues of the authority to be derived from investment earnings and any other money of the authority that is estimated to be available to pay the operating expenses specified in the budget.

(2) A copy of the authority's budget shall be submitted to the Governor and to the General Assembly.

(3) The authority or its designated representatives may be afforded an opportunity to appear before the Governor and the Appropriations Committee of the Senate and the Appropriations Committee of the House of Representatives regarding the authority's budget.

(1) Following the submission of the authority's budget to the Governor and the General Assembly and any hearing held by an appropriations committee under subsection (a), the General Assembly, by concurrent resolution with presentment to the Governor, in accordance with section 9 of Article III of the Constitution of Pennsylvania, may limit the operating expenses of the authority.

(2) In that event, it shall be unlawful for the authority to spend more for operating expenses than the limit established for the ensuing fiscal year by the concurrent resolution.

(3) If the General Assembly does not adopt a concurrent resolution prior to May 30, the authority's budget shall be deemed approved for the ensuing fiscal year.