On or before December 31 each year, the Board shall prepare and submit an annual report to the Secretary on:

(1) The status of the On-Site Wastewater Professionals Fund;

(2) Revenues and expenditures from the On-Site Wastewater Professionals Fund;

(3) The efficiency of the regulations adopted by the Department to implement the provisions of this subtitle;

(4) Compliance with the regulations adopted by the Department to implement the provisions of this subtitle; and

(5) Based on the factors specified in items (1) through (4) of this section, the necessity to review and adjust the fees set by the Department by regulation.