On or before December 31 each year, the Board shall prepare and submit an annual report to the Secretary on: The status of the On–Site Wastewater Professionals Fund; Revenues and expenditures from the On–Site Wastewater Professionals Fund; The efficiency of the regulations adopted by the Department to implement the provisions of this subtitle; Compliance with the regulations adopted by the Department to implement the provisions of this subtitle; and 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.