(1) Within ninety days of the end of the first full state fiscal year after the commission approves a regional tourism project and on the same date each year thereafter, the financing entity shall prepare and submit to the commission an annual report detailing the total amount of state sales tax increment revenue that the regional tourism project has collected over the past year, how such revenue has been spent, projected revenue for the remainder of the period for which the regional tourism project may collect state sales tax increment revenue, and a summary of the status of construction of the eligible improvements. If any information provided in the annual report is a trade secret, proprietary, or otherwise entitled to protection pursuant to article 72 of this title, it shall be so designated and shall be kept confidential by the state. The governing body of the financing entity shall attest to the accuracy of the information provided in the annual report.

(2) With the annual report, a financing entity shall submit an independent audit of its financial status that is prepared by a certified public accountant attesting to the accuracy of the annual report. In the report, the financing entity shall state whether any state sales tax increment revenue is being used for purposes other than for eligible costs, and any other financial information that is reasonably required by the commission.

(3) If the audit finds that state sales tax increment revenue has been used for unauthorized purposes, the financing entity shall be liable for the repayment of such state sales tax increment revenue to the project or to the general fund of the state. The repayment may be made from moneys of the financing entity derived from sources other than state sales tax increment revenue, if any, by offset against future state sales tax increment revenue that otherwise would be disbursed to it by the department of revenue, or from other moneys that are legally available to the financing entity for such purpose.

(4) If the financing entity is a metropolitan district or an urban renewal authority, it may comply with the requirements of this section by submitting to the commission a copy of the report that the metropolitan district or urban renewal authority is otherwise required to submit to a local government pursuant to law. Such copy shall be delivered to the commission concurrently with the delivery of the annual report and audit when otherwise required by law.

(5) The Colorado office of economic development and the department of revenue shall prepare a report to be submitted by the office no later than November 1 of the applicable fiscal year to the finance committees of the house of representatives and senate, the business and economic development committee of the house of representatives, and the business, labor, and technology committee of the senate, or any successor committees. The report shall present information on all tax expenditures for regional tourism economic development during the prior fiscal year and shall include information from the reports required pursuant to subsection (6) of this section.

(6) (a) Each year, no later than September 1, the department of revenue shall report the aggregate amount of state sales tax increment revenue diverted to financing entities for approved projects.

(b) Every two years, no later than September 1, the Colorado office of economic development and the department of revenue shall report detailed information on each project approved to receive state sales tax increment revenue, including but not necessarily limited to:

(I) The name, address, and contact for each recipient;

(II) The amount of sales tax revenue diverted for the project;

(III) The boundaries of the approved regional tourism zone and narrative for the project;

(IV) The proposed term of financing and the percent of the new net revenue that is approved for the project;

(V) The actual state sales tax revenue collected within the zone compared to the projected revenues contained in the approved application;

(VI) The number of net new jobs directly created by the project in each category as defined by the Colorado department of labor and employment occupation employment statistics survey and the wages and health benefits for jobs in each category; and

(VII) An assessment of the overall effectiveness of the project.