The governor of the state shall have:
1. Direct and effective financial supervision over all departments and establishments, and every state agency by whatever name now or hereafter called, including the same power and supervision over such private corporations, persons and organizations that may receive, pursuant to statute, any funds, either appropriated by, or collected for, the state, or any of its departments, boards, commissions, institutions, divisions and agencies.
2. The efficient and economical administration of all departments and establishments of the government.
3. The initiation and preparation of a balanced budget of any and all revenues and expenditures for each regular session of the legislature.