The Comptroller will present an annual budget to the board and program entity for approval prior to the start of each fiscal year. Operating and marketing expenses will be paid by the board and program entity from appropriated funds or contributions on a pro-rata share based on estimated funds held in each fund at the beginning of the fiscal year. Costs for investment management or consultant services will be allocated to the board and the program entity based on funds invested.

Source Note: The provisions of this §7.171 adopted to be effective July 1, 2012, 37 TexReg 4599