A town's airport authority is governed by a board of seven people. Four of the board members are appointed by the town and the remaining three are appointed by the governing board of the county.

Neither the town nor the county share in any profits nor are required to fund any deficits of the airport authority. The town, however, does approve the authority's proposed budget. The county may make budgetary recommendations to the authority, but they are not required to approve the proposed budget.

How should the airport authority be reported?

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As a joint venture by both the town and the county

As a discretely presented component unit of the town

As discrete component units of both the town and the county

As a jointly governed organization by both the town and the county