(1) At least ninety (90) days prior to the beginning of each state fiscal year, the board shall submit a plan of operation for review and approval to the commissioner and the comptroller of the treasury. The plan of operation shall be in such form as may be required by the department and shall include, but not be limited to, the following: A budget for operating and capital expenditure;
(2) Contracts for services;
(3) Appropriate policies and procedures adopted by the board to govern the expenditures of funds; and
(4) Other items as required by the department through rules and regulations.
(5) The plan of operation may be amended during the fiscal year with the written approval of the commissioner and the comptroller of the treasury.