(a) On or before January 1, 2017, and on or before January 1 of every odd-numbered year thereafter, the conservancy shall prepare and submit to the Governor and the Legislature a report that includes all of the following:

1. (1) A description of, and the amount of money expended for, every project funded or undertaken by the conservancy, directly or by an entity under the direction of the conservancy, during the two years prior to the date of the report.
2. (2) A description of the progress made in accomplishing the purposes of this division during the two years prior to the date of the report.
3. (3) Recommendations regarding legislative action that may be necessary to provide funding or other resources to enable the conservancy to more effectively and efficiently carry out its mission, goals, and objectives.
4. (4) A summary of the program established in Chapter 4.5 (commencing with Section 32659).