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(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.