The director of administration shall direct the state controller to prepare and report quarterly financial statements regarding the financial condition of the state, including actual revenue collections compared to the estimates upon which the budget was based, and actual departmental expenditures and encumbrances compared to appropriations. Furthermore, the director shall direct the state budget officer to project on a quarterly basis the anticipated year end balance assuming current trends continue and that typical cyclical expenditure patterns prevail over the course of the year. A consolidated quarterly report incorporating the current status and projection shall be released to the public, with copies provided to the chairperson of the House Finance Committee, chairperson of the senate finance committee, house fiscal advisor, and senate fiscal advisor, within forty-five (45) calendar days of the end of each quarter.