(a) By April 1 of each year, the University of California is requested to report to the Legislature on the systemwide and presidential initiatives of the university. The report is requested to include all of the following:
(1) A description of each initiative and a justification for the initiative that explains how it furthers the mission of the university.
(2) The total expenditures from the previous fiscal year for each initiative, including carryover funds.
(3) The revenue sources for each initiative.
(b) A report to be submitted pursuant to subdivision (a) shall be submitted in compliance with Section 9795 of the Government Code.