The Director of the Department shall report annually on or before December 1 to the Governor and the General Assembly regarding the implementation and administration of the Program and any recommendations of the Department or the Advisory Council. Each report shall include an assessment of the rebate and enhanced rebate, a recommendation on whether the Fund allocation set forth in subsection B of § 45.2-1731 should be adjusted, and a recommendation on whether an income cap should be established to determine the eligibility of purchasers for a rebate pursuant to this article.