§ 109-f. Expenses of administration. The expense of administering the fund shall be paid out of the fund. Prior to the first days of January, April, July and October there shall be submitted to the director of the budget for approval an estimated budget of expenditures for the succeeding three months. There may not be expended for the purpose of administering the fund more than the amounts as authorized by the director of the budget. The superintendent of financial services shall serve as administrator of the fund without additional compensation, but may be allowed and paid from the fund expenses incurred in the performance of his duties in connection with the fund. The compensation of those persons employed by the superintendent of financial services, within the amounts approved by the director of the budget, shall be deemed administration expense payable from the fund. The superintendent of financial services shall include in his annual report to the legislature a statement of the expense of administering the fund for the preceding year.