The Director of the Office of Management and Budget shall prepare, and amend as necessary, a program of state public works, major capital improvement projects and other facilities undertaken or recommended to be undertaken by the State, or any of the authorities or other instrumentalities of the state government. Such program shall be submitted as the annual capital budget to the Governor at such time as it shall be deemed appropriate for submission to the General Assembly. The Director of the Office of Management and Budget shall maintain a report on the status of all capital projects funded by any debt offering issued by the State or by any of the authorities or other instrumentalities of state government.