Tenn. Code Ann. § 64-1-1214

(1) The board shall annually establish and adopt a budget for the authority.

(2) The board shall cause to be prepared each fiscal year an annual audit of the books and records of the authority. The comptroller of the treasury, through the department of audit, is responsible for determining that such audits are prepared in accordance with generally accepted governmental auditing standards. A copy of such annual audit shall be filed with the office of the county mayor of Bledsoe County and with the governing bodies of the districts.

(3) The board shall establish employment procedures, compensation levels and benefits for the employees of the authority.