(a) On or before October 31 of the year following receipt of an emergency apportionment, and each year thereafter, until the emergency apportionment, including interest, is repaid, the governing board of the district shall prepare a report on the financial condition of the district. The report shall include, but not necessarily be limited to, all of the following information:
(1) Specific actions taken to reduce expenditures or increase income, and the cost savings and increased income resulting from those actions.
(2) A copy of the adopted budget for the current fiscal year.
(3) Reserves for economic uncertainties.
(4) Status of employee contracts.
(5) Obstacles to the implementation of the adopted recovery plan.
(b) The district shall submit the report to the trustee for review. Upon the trustee’s approval of the report, the district shall transmit copies to the county superintendent of schools, the Superintendent of Public Instruction, and the Controller.