(a)      The Committee has the function to review the investment and management policies and procedures:

            (1)      of the Treasurer with respect to State funds in the State Treasury;

            (2)      of any officer or unit with respect to State funds that are not in the State Treasury and are not under the jurisdiction of a retirement system; and

            (3)      of local governments with respect to public funds.

      (b)      Subject to § 2-1246 of this title, on or before the 1st day of each regular session, the Committee shall submit an annual report to the General Assembly on any recommendations as to the office of Treasurer.

      (c)      The function and authority of the Treasurer as a member of the Board of Public Works are not subject to the review of the Committee.