The council shall:

(1)  Be a collection point of data and information on the economy of Rhode Island;

(2)  Advise on economic policy for the governor, the executive office of commerce, and the state;

(3)  Prepare economic policy analysis on specific issues such as tax credits, tax expenditures and other related matters;

(4)  Publish reports and analyses as it sees fit to inform the state of the effect of economic activity and policy;

(5)  Establish a central repository of economic information in conjunction with the department of administration and the department of revenue and other state departments;

(6)  Prepare an annual report on the economy of Rhode Island; and

(7)  Review and advise on the strategic economic development plan for the state of Rhode Island.