In an effort to facilitate continuing and future legislative support for long range economic development planning, the Bureau for Economic Development Planning shall present status reports on its work, as it relates to the purpose and requirements of this chapter, to the Joint Legislative Budget Committee, thereby having an opportunity to interact with legislative leaders and maintain and foster communication and cooperation between all parties. The Director of the Joint Legislative Budget Committee shall coordinate the scheduling of said reports and may specify selected topics for presentation to the Joint Legislative Budget Committee. Such reports shall begin with the month of July 1987; and there shall be a minimum of three (3) reports to the committee in each fiscal year. The Director of the Joint Legislative Budget Committee may require such reports to be made orally and/or in writing to regular meetings of the Joint Legislative Budget Committee.