The department shall:
(1) Serve as the lead state agency in the area of economic development. The department shall develop a program to promote coordination and cooperation within state government and with institutions of higher education, local governments, other political subdivisions of the state, and the private sector;
(2) Serve as a clearinghouse for information, data, and other materials which may be helpful or necessary to the full development of the state's economy, which may be relevant with regard to the possibilities of future development in Nebraska, and which will be of use to local governments, the Governor, other state agencies, and the Legislature in discharging their responsibilities. The department shall develop a program to ensure cooperation between state agencies, the University of Nebraska, and other entities with related economic information;
(3) Provide staff services when, in the opinion of the director, such services are necessary and appropriate in the areas of economic development to cities of the first class, cities of the second class, and villages on a contractual basis when the terms of such contracts can be mutually accepted;
(4) Assist the Governor in coordinating the efforts of local governments to develop mutual and cooperative solutions to their common problems; and
(5) Prepare annually a status report on the activities and impacts of the department and its programs. The status report shall include information detailing the status of all programs administered by the department for which the Legislature requires reporting. The status report shall be submitted to the Governor and the Legislature on the first working day of July of each year. The report submitted to the Legislature shall be submitted electronically.