On or before December 1 of the year immediately preceding the beginning of a term of the General Assembly, the Department of Legislative Services, in consultation with agencies and institutions in State government and all other entities required by law to submit reports at specified times and on specified matters to the General Assembly or the Governor, shall:

(1) review the laws of the State that require the submission of reports at specified times and on specified matters to the General Assembly or the Governor; and

(2) make recommendations to the Legislative Policy Committee and prepare legislation for introduction to repeal or modify those statutory requirements to submit reports if the reports are no longer warranted because they have become obsolete, duplicative, impractical, inefficient, or otherwise unnecessary.