(1) All money payable to the Oregon Racing Commission shall be deposited in the General Fund in the State Treasury to the credit of the Oregon Racing Commission Account. This account is appropriated continuously to the commission for the purposes authorized by law.
(2) The commission may maintain an office and shall keep detailed records of all meetings and of all business transacted, and of all the collections and disbursements, reports of which shall be embodied in an annual report which the commission shall prepare, publish and submit to the Governor and members of the legislature on or before January 31 of each calendar year. This report shall cover the activities of the commission for the preceding fiscal year.
(3) After payment of all current expenses of the commission, the amount remaining in the account shall be credited to the General Fund for general governmental expenses.