On or before January 15 of each year, the Metropolitan Council shall report to the legislature. The report shall include:
(1) A statement of the Metropolitan Council's receipts and expenditures by category since the preceding report;
(2) A detailed budget for the year in which the report is filed and the following year including an outline of its program for such period;
(3) An explanation of any policy plan and other comprehensive plan adopted in whole or in part for the metropolitan area and the review comments of the affected metropolitan agency;
(4) Summaries of any studies and the recommendations resulting therefrom made by the Metropolitan Council, and a listing of all applications for federal money made by governmental units within the metropolitan area submitted to the Metropolitan Council;
(5) A listing of plans of local governmental units and proposed matters of metropolitan significance submitted to the Metropolitan Council;
(7) Recommendations of the Metropolitan Council for metropolitan area legislation, including the organization and functions of the Metropolitan Council and the metropolitan agencies.