(1) The commission has the following powers and duties:

(a) To adopt an annual budget;

(b) To develop operating guidelines relating to the manner and forms of financial assistance such as loans, grants, and local match requirements to be provided for various types of projects;

(c) To review the economic needs of the various geographical regions of Colorado;

(d) To identify the types of businesses which need the most support in terms of economic development;

(e) and (f) (Deleted by amendment, L. 91, p. 823, § 1, effective March 29, 1991.)

(g) To make information and assistance available for businesses interested in relocating or expanding their operations in the state of Colorado;

(h) To receive and expend donations or grants from the private sector;

(i) To contract for those services, including personnel services, and materials required by the activities of the commission;

(j) To review and recommend to the governor expenditures of moneys of the fund for economic incentives and marketing, as provided in section 24-46-105, for reimbursement for actual and necessary expenses of the commission, as authorized in section 24-46-103 (2), and for operational expenses of the commission;

(k) To exercise any other powers or perform any other duties which are consistent with the purposes for which the commission was created and which are reasonably necessary for the fulfillment of the commission's assigned responsibilities;

(l) and (m) Repealed.

(n) To contract with the Colorado housing and finance authority, created in part 7 of article 4 of title 29, C.R.S., for the operation of a Colorado credit reserve program for the purpose of increasing the availability of credit to small businesses in Colorado;

(o) To oversee the Colorado office of film, television, and media loan guarantee program pursuant to section 24-48.5-115 and the performance-based incentive for film production in Colorado pursuant to section 24-48.5-116; and

(p) To consult with the Colorado office of economic development pursuant to section 24-48.5-117.

(2) The commission shall report to the general assembly no later than November 1 of each year regarding the work of the commission. The report shall include the information required to be collected by the commission pursuant to section 24-46-105.1.