The members of the CTNext board of directors shall adopt written procedures, in accordance with the provisions of § 1-121, for: (1) Adopting an annual budget and plan of operations, including a requirement of board approval before the budget or plan may take effect; (2) hiring, dismissing, promoting and compensating employees of CTNext, provided such procedures may be in accordance with those of Connecticut Innovations, Incorporated and shall include an affirmative action policy and a requirement of board approval before a position may be created or a vacancy filled; (3) acquiring personal property and personal services, including a requirement of board approval for any nonbudgeted expenditure in excess of an amount to be determined by the board; (4) contracting for financial, legal and other professional services, including a requirement that CTNext solicit proposals at least once every three years for each such service which it uses; (5) awarding grants and other financial assistance, including eligibility criteria, the application process and the role played by CTNext’s staff and board of directors; (6) the use of surplus funds to the extent authorized under this section or § 32-39g or other provisions of the general statutes; and (7) the disclosure of conflicts of interest at board meetings pursuant to § 32-39f.