The authority, the Office of Planning and Budget, and the state auditor shall jointly develop a system for budgeting and accounting of expenditures for technology resources. This system must integrate seamlessly with the technology portfolio management system. Annual reports regarding technology shall be coordinated by the authority with the Office of Planning and Budget and the state auditor and submitted to the Governor, General Assembly, and the board on or before October 1 of each year. The authority may adopt an accrual method of accounting.