The commission on or before November 30, 1969, and annually thereafter, shall prepare a report for the preceding fiscal year, also, so far as practicable, for the further time up to the preparation of the report, containing, in addition to such other matters as the commission may deem proper, the following:
(a) the activities of the commission during the period covered by the report;
(b) the financial condition of public transit systems under the control of the commission;
(c) a complete financial accounting of moneys received and spent by the commission during the fiscal year;
(d) recommendations for improvements of or additions to the mass transit facilities of the area to provide adequate, speedy, and efficient means of transporting people therein;
(e) recommendations for any needed legislation in furtherance of the aforesaid purposes.
Each report shall be filed with the secretary of the commission and a copy shall be filed with the secretary of state. Copies shall be distributed annually to the governor, each county commission, and each elected chief executive of each municipality in the transit area.