Ability to mark reports as private

We run very complex reports and it has been brought up multiple times that end users do not want others to be able edit (or even view) certain reports (such as financial).  We would like the option for the person who creates the report to be able to share it or mark as private.  We are also concerned that the number of reports that show up for everyone will cause a great deal of scrolling to find what we are looking for.  The ability to star or favorite certain reports to put them closer to the top would be beneficial.