(1) The State Procurement Director shall track data regarding minority participation in state contracts that exceed fifty thousand dollars ($50,000).
(2) The data shall include, but not be limited to, information regarding: The dollar amount for each contract awarded to a minority-owned business;
(3) The total dollar amount spent on contracts by each state agency; and
(4) The number and percentage of minority-owned businesses awarded contracts by the agency.
(5) The director shall report the data required under subsection (a) of this section semiannually to the Governor and to the cochairs of the Legislative Council and to the Legislative Joint Auditing Committee and the Minority and Women-owned Business Advisory Council.
(6) Each state agency shall include in its budget report to the Joint Budget Committee a listing of all contracts in amounts exceeding fifty thousand dollars ($50,000) awarded to minority-owned businesses.
(7) The vice president or vice chancellor for finance of each state college and university shall include in his or her budget report to the Joint Budget Committee a listing of all contracts in amounts exceeding fifty thousand dollars ($50,000) awarded to minority-owned businesses.
(8) The director shall promulgate rules necessary for the implementation of this chapter.