(a) The Secretary of the Department of Finance and Administration shall file quarterly reports with the Legislative Council itemizing and summarizing all contracts or agreements entered into by the Governor with the United States Government, or any agencies or instrumentalities thereof, whereby the State of Arkansas is to participate in any program involving the expenditure of federal funds. These reports shall be filed, whether or not state funds are obligated in connection therewith, with respect to new federal programs or expansions of existing federal programs which were not in existence or which were not implemented by state participation, at the time of the adjournment of the regular session of the General Assembly and entered into prior to the convening of the next regular session of the General Assembly.
(b) The report shall list, with respect to each such contract or agreement:
(1) A brief statement of the purposes of the agreement;
(2) The amount of federal funds to be expended thereunder;
(3) The amount of any state matching funds required in connection with such program, if any;
(4) The name of the agency that will administer the program; and
(5) Such additional information as will enable the members of the Legislative Council to determine the nature and purposes of the agreement.