The president or his designee shall submit to the board of directors annually a report reflecting the status of all existing personal service contracts, and identifying any new personal service contracts entered into during the preceding year and the manner in which outside contractors for those new contracts were selected. In addition, the board of directors shall annually review and approve a report on personal service contracts which shall include a copy of this Part and an explanation thereof and of any amendments thereto since the last annual report, a list of outside contractors performing services since the last annual report, and a list of fees, commissions or other charges paid to outside contractors during the year. Such annual report shall be submitted to the Division of the Budget, the Department of Audit and Control, the Senate Finance Committee and the Assembly Ways and Means Committee and shall be made available to the public on reasonable request.