(a) The Trust shall report on or before September 1 of each year to the Governor, the budget committees of the General Assembly, and the Department of Legislative Services on the status of the Grant Fund as of the end of the previous fiscal year.
(b) The Trust’s report shall include:
(1) The total amounts of funds expended;
(2) The total amounts of funds committed;
(3) The total amounts of funds remaining;
(4) A list of projects for which funds have been expended or are committed;
(5) A projection of projects in the near future for which grants will be made;
(6) An assessment of which grants are expected to be fully or partially reimbursable to the Grant Fund;
(7) An evaluation of the program’s effectiveness; and
(8) Projections as to future funding needs.