(1) Annually, on a form and in the manner prescribed by the department of treasury, an authority that is capturing tax increment revenues shall submit to the governing body of the municipality, the governing body of a taxing unit levying taxes subject to capture by an authority, and the department of treasury a report on the status of the tax increment financing account. However, an authority may submit by electronic means a report described in this subsection to the governing body of the municipality and the governing body of a taxing unit levying taxes subject to capture by the authority. The report shall include all of the following:

    (a) The name of the authority.

    (b) The date the authority was formed, the date the tax increment financing plan is set to expire or terminate, and whether the tax increment financing plan expired during the immediately preceding fiscal year.

    (c) The date the authority began capturing tax increment revenues.

    (d) The current base year taxable value of the tax increment financing district.

    (e) The unencumbered fund balance for the immediately preceding fiscal year.

    (f) The encumbered fund balance for the immediately preceding fiscal year.

    (g) The amount and source of revenue in the account, including the amount of revenue from each taxing jurisdiction.

    (h) The amount in any bond reserve account.

    (i) The amount and purpose of expenditures from the account.

    (j) The amount of principal and interest on any outstanding bonded indebtedness.

    (k) The initial assessed value of the development area or authority district by property tax classification.

    (l) The captured assessed value retained by the authority by property tax classification.

    (m) The tax increment revenues received for the immediately preceding fiscal year.

    (n) Whether the authority amended its development plan or its tax increment financing plan within the immediately preceding fiscal year and if the authority amended either plan, a link to the current development plan or tax increment financing plan that was amended.

    (o) Any additional information the governing body of the municipality or the department of treasury considers necessary.

    (2) The report described in subsection (1) shall be filed with the department of treasury at the same time as the annual financial report is filed with the department of treasury under section 4 of the uniform budgeting and accounting act, 1968 PA 2, MCL 141.424.

    (3) The department of treasury shall collect the reports described in subsection (1) and annually compile a combined report that summarizes the information reported in subsection (1) and annually submit a copy of that combined report to each member of the legislature.

    (4) The department of treasury shall consult with the professional organizations that represent municipalities in developing the reporting form described in subsection (1).

    (5) The department of treasury shall consult with the professional organizations described in subsection (4) and finalize and publish the form described in subsection (1) not later than 60 days after the effective date of this act.