Port authority reporting

(1) (a) On or before November 1 of each year, the authority shall prepare and file a report with the county auditor of each county in which the authority jurisdictional land is located, the State Tax Commission, the State Board of Education, and each taxing entity that levies a tax on property from which the authority collects property tax differential. (b) The requirement of Subsection (1)(a) to file a copy of the report with the state as a taxing entity is met if the authority files a copy with the State Tax Commission and the state auditor. (2) Each report under Subsection (1) shall contain: (a) an estimate of the property tax differential to be paid to the authority for the calendar year ending December 31; and (b) an estimate of the property tax differential to be paid to the authority for the calendar year beginning the next January 1. (3) Before November 30 of each year, the board shall present a report to the Executive Appropriations Committee of the Legislature, as the Executive Appropriations Committee directs, that includes: (a) an accounting of how authority funds have been spent, including funds spent on the environmental sustainability component of the authority business plan under Subsection 11-58-202(1)(a); (b) an update about the progress of the development and implementation of the authority business plan under Subsection 11-58-202(1)(a), including the development and implementation of the environmental sustainability component of the plan; and (c) an explanation of the authority's progress in achieving the policies and objectives described in Subsection 11-58-203(1). (4) The authority shall comply with the requirements described in Title 59, Chapter 36, Tax Increment Financing Reporting.