(1) The committee shall have power to request, receive, review, examine, study, ascertain and compare fiscal information concerning the budget, the revenues and expenditures of the Commonwealth and to make recommendations to the Legislature, when found advisable, directed to the elimination of unnecessary expenditures and to the promotion of economy in the government of the Commonwealth.

(2) To make current examination and, when pertinent, reports concerning the current condition of all State funds, appropriations and other moneys, whether or not such appropriations are being currently expended for the purposes and within the statutory restrictions provided by the Legislature, and concerning the current availability of revenue to meet expenditures under appropriations.

(3) The committee shall report to the General Assembly when they are in session, the Governor and the Auditor General, when it appears that any appropriation is being expended for purposes other than the purposes for which the appropriation was intended, or if it appears that any statutory restrictions or provisions are being violated.

(4) The committee shall make reports, from time to time, to the members of the Legislature and, upon request, to the standing committees of the Senate and House of Representatives with respect to any of its findings or recommendations of a fiscal nature. It shall keep complete minutes of its meetings. The committee shall make and distribute its final report to the members of the ensuing Legislature not later than ten days after the convening of the regular session of the Legislature.

(5) The committee may issue subpoenas, under the hand and seal of the chairman, to compel the attendance of witnesses and the production of any papers, books, accounts, documents and testimony touching matters of a fiscal nature properly being inquired into by the committee, to administer oaths, and to cause the deposition of witnesses, either residing within or without the State, to be taken in the manner prescribed by laws for taking depositions in civil actions.

(6) Any person who wilfully neglects or refuses to comply with any subpoena issued in behalf of the committee, or refuses to testify to any matters regarding which he may be lawfully interrogated, shall be subject to the penalties provided by the laws of the Commonwealth in such cases.

(7) Each witness who appears before the committee by its order, other than an officer or employe of the Commonwealth, shall receive for his attendance the fees and mileage provided for witnesses in civil cases in courts of record, which shall be audited and paid out of the funds of the committee upon the presentation of proper vouchers signed by such witness and approved by the chairman or vice-chairman of the committee.

(8) The Legislative Budget and Finance Committee is authorized to appoint an executive director, and to fix his compensation, who shall be the chief executive officer of the committee and assist in its duties, and shall compile information for the committee. The committee is authorized to select and employ other personnel that it may deem necessary in the performance of its duties, and the compensation and salaries shall be fixed by the Legislative Budget and Finance Committee.