(1) The Director of Administrative Services may initiate interfund borrowing among the various revolving funds within the Department of Administrative Services, except that at no time shall the aggregate advances from all lending funds exceed five hundred thousand dollars.

(2) The director shall report to the budget administrator of the budget division of the department and the Legislative Fiscal Analyst:

(a) The amount of each interfund loan processed or repaid and the date of the transaction; and

(b) An explanation of each interfund loan transaction.

The report submitted to the Legislative Fiscal Analyst shall be submitted electronically.

(3) By July 15 each year, the director shall report to the budget administrator and the Legislative Fiscal Analyst the:

(a) Outstanding aggregate balances advanced from the respective revolving funds within the department as of the preceding June 30; and

(b) Outstanding aggregate balances borrowed by each fund from the respective revolving funds within the department as of the preceding June 30.

The report submitted to the Legislative Fiscal Analyst shall be submitted electronically.