(1) The oil and gas regulatory fund is created within the state treasury.

    (2) The state treasurer may receive money or other assets from any source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.

    (3) Money in the fund at the close of the fiscal year shall remain in the fund and shall not lapse to the general fund.

    (4) The department shall expend money from the fund, upon appropriation, only for monitoring, surveillance, enforcement, and administration of this part.

    (5) The department shall annually submit a report to the legislature that itemizes the expenditure of money in the fund. The report shall include, at a minimum, all of the following:

    (a) The amount of money received and the amount of money expended.

    (b) The number of full-time equivalent positions funded with money in the fund.

    (c) The number of on-site inspections conducted by the department in implementing this part.

    (d) The number of violations identified in enforcing this part, their locations, and a description of the nature of the violations.