(1) Except as provided in subsection (2) of this section, in carrying out the duties, functions and powers of the Travel Information Council, the executive director of the Travel Information Council may contract with any state agency for the performance of such duties, functions and powers as the council considers appropriate.
(2) The executive director may not, without the prior approval of the council:
(a) Award any contract for goods or professional services in excess of $25,000; or
(b) Authorize any expenditure of moneys in excess of $25,000.
(3) The council shall file with the Governor, the Legislative Assembly and the Legislative Fiscal Officer an annual report of the activities and operations of the council.