(a) A municipality shall file with the department
(1) maps and descriptions of all annexed or detached territory;
(2) a copy of the annual audit, or, for a second class city, an audit or statement of annual income and expenditures;
(3) tax assessment and tax levy figures as requested;
(4) a copy of the current annual budget of the municipality;
(5) a summary of the optional property tax exemptions authorized together with the estimate of the revenues lost to the municipality by operation of each of the exemptions.
(b) Compliance with the provisions of this section is a prerequisite to receipt of community assistance under AS 29.60.850 - 29.60.879. If a municipality does not comply with this section, the department shall withhold the allocations until the required reports are filed.
(c) This section applies to home rule and general law municipalities.