(a) On or before 90 days after the end of its fiscal year, every convention and visitors bureau which receives any appropriation of hotel occupancy tax from one or more counties or municipalities shall file with each such county or municipality, the State Auditor, the Joint Committee on Government and Finance, and the West Virginia Association of Convention and Visitors Bureaus a report, including an income statement and balance sheet, showing all amounts of hotel occupancy tax appropriated to the convention and visitors bureau and all expenditures of hotel occupancy tax made by the convention and visitors bureau for the prior fiscal year, as well as any such information required by subsection (b) of this section. A convention and visitors bureau that has not filed a report in accordance with the provisions of this section shall be ineligible to receive additional appropriations of hotel occupancy tax proceeds until such report has been filed.
(b) In order to qualify for a distribution of net proceeds pursuant to 7-18-14 of this code, a convention and visitors bureau shall satisfy the following requirements:
(1) The convention and visitors bureau shall have a minimum annual budget;