The council shall:
(1) Be a collection point of data and information on the economy of Rhode Island;
(2) Advise on economic policy for the governor, the executive office of commerce, and the state;
(3) Prepare economic policy analysis on specific issues such as tax credits, tax expenditures, and other related matters;
(4) Publish reports and analyses as it sees fit to inform the state of the effect of economic activity and policy;
(5) Establish a central repository of economic information in conjunction with the department of administration and the department of revenue and other state departments;
(6) Prepare an annual report on the economy of Rhode Island; and
(7) Review and advise on the strategic economic development plan for the state of Rhode Island.