(a) Notwithstanding any other provision of law, every county, city, district, or other political subdivision or agency of the state to which sovereign trust lands, including tidelands, submerged lands, or the beds of navigable waters, have been, or in the future are, granted, conveyed, or transferred by statute, shall establish and maintain accounting procedures, in accordance with generally accepted accounting principles, providing accurate records of all revenues received from the trust lands and trust assets and of all expenditures of those revenues. Where a trust grantee has several trust grants of adjacent lands and operates the granted lands as a single integrated entity, separation of accounting records for each trust grant is not required.
(b) All revenues received from trust lands and trust assets shall be expended only for those uses and purposes consistent with the public trust for commerce, navigation, and fisheries, and the applicable statutory grant or grants.
(c) Unless otherwise prescribed by law, on or before October 1 of each year, commencing October 1, 1986, each trust grantee shall file with the commission a detailed statement of all revenues and expenditures relating to its trust lands and trust assets, including obligations incurred but not yet paid, covering the fiscal year preceding submission of the statement. The statement shall be prepared in accordance with generally accepted accounting principles and may take the form of an annual audit prepared by or for the trust grantee.