The Board shall report to the Commissioner on or before June 1 of each year. At a minimum, the report shall include: a description of the operations of the Pool for the preceding calendar year; an audited statement of the financial condition of the Pool as of the preceding December 31; and an audited detailed statement of the revenues received and expenditures of the Pool made during the preceding calendar year. The operations of the Board are subject to an annual audit by an independent auditor, and the audit report and working papers are subject to review by the Legislative Auditor.