"The function of the Fiscal Review Committee is to conduct a continuing review of such items as revenue collections, budget requests, the recommended executive budget, appropriations, work programs, allotments, reserves, impoundments, the state debt, and the condition of the various state funds. The Fiscal Review Committee, one of several statutory oversight committees, was created by statute in 1967 as a special continuing committee of the General Assembly. The committee is composed of six senators and nine representatives, elected by members of the Senate and House of Representatives respectively. In addition, the speaker of each house and the chairman of the Finance, Ways and Means Committee of each house serve as ex officio members. The Committee prepares estimates of State revenues and revenues from the Tennessee Education Lottery for the State Funding Board. The Committee conducts oversight of the fiscal operations of State departments and agencies. The Committee is also responsible for preparing fiscal notes for all general bills or resolutions which are introduced in the General Assembly that have a fiscal effect on state or local government. The Committee reviews and provides comments on all proposed noncompetitive contracts exceeding $250,000 in value and one year in length. The Committee must approve any proposed acquisition by the State of leased property prior to action by the State Building Commission. The Committee reviews all audits prepared by the Comptroller of the Treasury. The Committee conducts public hearings on significant repeat audit findings."