(a) At least ninety days before the commencing of the ensuing fiscal year of the authority, the board shall cause to be prepared and submitted to it a recommended capital budget. The capital budget shall show in detail the capital expenditures to be made or incurred in the next fiscal year which are to be financed from funds subject to control or appropriation by the board. For each separate purpose, project, facility or other property, there shall be shown 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. 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) At least ninety days before the commencing of the ensuing fiscal year of the authority, the board shall cause to be prepared and submitted to it a recommended operating budget. 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 form and detail satisfactory to the governing body, they 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 should set forth the estimated receipts and revenues of the authority during the next fiscal year. The board shall, at least thirty days before the end of the fiscal year, adopt by a majority vote of its members an operating budget for the next fiscal year.