Each contracting agency shall submit an annual report to the department according to a schedule announced by the department. This report shall include the following information:
a. The total dollar value and number of contracts awarded to small businesses, minority businesses and female businesses, including a separate accounting of any set-aside contracts, and the percentage of the total State procurements by the contracting agency the figure of total dollar value and the number of set-asides reflect;
b. The types and sizes of businesses receiving set-aside awards and the nature of the purchases and contracts; and
c. The efforts made to publicize and promote the program.
The department shall receive and analyze the reports submitted by the contracting agencies and, utilizing these data, submit an annual report to the Governor and the Legislature showing the progress being made toward the objectives and goals of this act during the preceding fiscal year.