There is hereby created in the state treasury the governor's emergency fund, which shall consist of such sums as may be appropriated for that purpose by the legislature. Moneys in the fund may be expended by the governor in any emergency which was not foreseen or reasonably foreseeable by the legislature and which may arise in carrying on the essential functions of state government and in protecting the interests of the state which have been impaired by such emergency. Any unexpended balance in the fund at the end of each fiscal year shall remain in the fund. Not later than January 15 of each year, the governor shall report to the legislature the expenditures and disbursements made from the fund during the preceding fiscal year, and the expenditures and disbursements and/or commitments made during the current fiscal year to date.
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