(1) The business affairs and labor committee of the house of representatives and the business, labor, and technology committee of the senate, or any successor committees, shall have jurisdiction to conduct general oversight of the economic development activities of state government. Each year such committees shall, jointly or separately in the discretion of the chairmen of such committees, review the activities of any agencies of state government engaged in economic development matters and may require the appropriate officials of any such agencies to make reports to such committees to facilitate the oversight function under this subsection (1).

(2) The governor's office shall submit an annual report to the joint budget committee detailing the expenditures by appropriated line item and funding source in the general appropriation bill of the state for all economic development programs in all departments. The governor's office shall also make such annual report available to the full general assembly. The report shall identify which activities are funded and where such activities fall within priorities of the strategic plan and identify any anticipated and actual results of such funded activities; specify dollars spent on each activity; and show a balance of funds remaining for additional economic development activities.

(3) Repealed.

(4) The Colorado first program shall submit to the joint budget committee an annual report on the number of workers trained, for whom they were trained, why they were trained, who trained the workers, and the cost per worker trained. Such report shall also be available to the full general assembly.

(5) The general assembly hereby finds, determines, and declares that the governor's office and the department of local affairs should comply with the state budgetary process, fiscal procedures, and generally accepted accounting principles when expending moneys to implement the state's economic development efforts. The governor's office and the department of local affairs shall record economic development program expenses in the state agency that benefits from the expenditure.