The sponsor shall submit to the Department quarterly progress reports on the development of a sustainable community plan or the implementation of a community legacy project. The Department shall submit an annual report to the Governor and, subject to § 2–1257 of the State Government Article, to the General Assembly on or before each October 31. The report shall include: the financial status of the Program for the preceding fiscal year, including the amount and type of financial assistance encumbered and disbursed; the number of applications received; the number and location of sustainable communities designated; and a summary of the quarterly reports submitted by sponsors under subsection (a) of this section.