(1) The joint finance-appropriations committee shall have the following powers and duties:
(a)  To review the executive budget and the budget requests of each state department, agency and institution, including requests for construction of capital improvements, as well as other requests for appropriations submitted to the legislature.
(b)  To conduct such hearings as it may deem necessary and proper.
(c)  To submit a report to each session of the legislature covering its activities during the preceding period and setting forth its findings and recommendations and to make such recommendations to the appropriate legislative committees as it may deem proper concerning the budget and other proposed legislation.
(d)  To perform such other duties as the legislature or legislative council may by appropriate resolution direct.
(2)  The joint finance-appropriations committee shall use the following procedures for releasing reports produced by the legislative audits division:
(a)  All reports produced by the legislative audits division shall be delivered to the cochairs of the joint finance-appropriations committee for their review and approval prior to release;
(b)  The cochairs of the joint finance-appropriations committee may, at their discretion, conduct hearings relating to any report and seek input and testimony prior to, or after reports are released; and
(c)  After such review as deemed necessary and prudent by the cochairs of the joint finance-appropriations committee, the cochairs shall release the reports produced by the legislative audits division within sixty (60) days of submission to the cochairs; except in the event that a report is returned to the legislative audits division for further audit or review, then the cochairs shall approve the release of reports within sixty (60) days after the report is resubmitted to the cochairs.