(1) The Center for Business and Economic Research within the College of Business and Economics at the University of Kentucky shall, with the cooperation of other state institutions and agencies, prepare an annual economic report and maintain adequate state economic data which is to be disseminated to the Governor's Financial Planning Council, state agencies, and other potential users of such information.
(2) The annual economic report and state economic data shall include, but are not limited to, analyses of economic data pertaining to employment, unemployment, wages, personal income, and other economic and financial data relevant to the Commonwealth. The financial support for any such studies shall be included in the budget of the University of Kentucky.