1. The committee shall:

(a) Direct the department to prepare and shall approve an annual operating budget for the department.

(b) Submit the budget to the governing bodies of the participating political subdivisions before May 1 for funding for the following fiscal year.

(c) Direct the department to prepare and shall adopt the funding apportionment plan provided for in NRS 280.201 and submit the plan before February 1 to the governing bodies of the participating political subdivisions for approval. The governing bodies shall approve or reject the plan before March 1.

2. If any of the governing bodies fails to approve the apportionment plan, the plan or any disputed element thereof must be submitted to an arbitration panel for resolution. The governing body of each participating political subdivision shall name one arbitrator to the panel, who must reside within this State. If this results in an even number of arbitrators, the arbitrators so named shall, by majority vote, select an additional arbitrator, who must reside within this State and who shall serve as chair of the panel. The department shall provide such advice and technical and clerical assistance as is requested by the panel. The panel must make its decision and submit it to the participating political subdivisions before April 1. When submitted, the decision is final and binding upon the participating political subdivisions. Except as otherwise provided in this section, the provisions of NRS 38.206 to 38.248, inclusive, apply.

(Added to NRS by 1973, 917; A 1975, 1283, 1682; 1977, 365; 1979, 532; 1981, 638; 1987, 1492; 2001, 1285; 2003, 35, 41; 2005, 102)