For the purposes of the Target 2000-School Reform for the Next Decade Act (1989 Act No. 194), the Education Oversight Committee, as provided for in § 59-6-10, shall serve as the oversight committee for the provisions of the Target 2000-School Reform for the Next Decade Act (1989 Act No. 194). The Education Oversight Committee shall oversee the planning, development, and implementation of the provisions as contained in Target 2000 and shall monitor the expenditures of the funds appropriated. Each state agency and entity responsible for implementing Target 2000 funded programs must submit annually to the Education Oversight Committee programs and expenditure reports and budget requests in a manner prescribed by the Education Oversight Committee.