(1) A regional economic development partnership that receives state funding under this subchapter shall submit an annual report to the Arkansas Economic Development Commission.
(2) The annual report required under subsection (a) of this section shall include the following: A description of the economic development activities and organizational activities of the regional economic development partnership in the preceding twelve (12) months;
(3) A detailed financial report;
(4) A detailed budget for the next twelve (12) months; and
(5) A description of the prioritized activities of the regional economic development partnership for the next twelve (12) months for which state funding under this subchapter is being requested.