Section 166. Reporting requirements

(a)  In  accordance  with generally
  accepted accounting  principles  each  tourism  promotion  agency  shall
  furnish  an annual financial statement to the commissioner. Such reports
  shall be submitted on or before January first of each year.
    (b) The department shall annually, on or before March first, submit to
  the governor, the temporary president of the senate and the  speaker  of
  the  assembly, a report on the activities of the matching funds program.
  Such report shall include a statement of the guidelines  promulgated  by
  the  department  pursuant  to  section  one  hundred  sixty-one  of this
  article,  a  summary  of  the  financial  statements  received  by   the
  department  from  tourist  promotion  agencies,  a summary of activities
  conducted  by  the  tourist  promotion  agencies  and  analyses  of  the
  effectiveness  of  the  matching  funds  program  in stimulating tourist
  promotion  and  recommendations  concerning  the  future   organization,
  implementation and improvement of the matching funds program.