(1) Beginning June 30, 2001, and every quarter thereafter, the department of transportation shall generate a report to be submitted to the general assembly and the state building commission on the status of all highway and road projects approved by the general assembly as part of the department's budget. The status report shall include a current list of projects being planned, projects under construction, and anticipated starting dates for projects not yet underway.
(2) With respect to each project referenced in subsection (a), the report shall: State the initial contract price;
(3) Identify the final cost of the project; and
(4) If there is a significant change in cost, state the amount by which the authorized expenditures exceed the initial contract price, as well as the contributing factors for the cost changes.