(1) By the first day of the fourth quarter of each year, the Mayor or the Mayor’s designee shall deliver a written report to the Municipal Council detailing the income and expenditures of the fund for the previous fiscal year.

(2) In the event that any State or County legislation is enacted that either changes the rate of a tax or enacts a new tax, the purpose of which tax is to provide funds for the operation, improvement, or maintenance of municipal streets, and that results in the City receiving increased revenues dedicated to that purpose, the Municipal Council shall also hold a public hearing not more than twelve (12) months following the effective date of such legislation, to allow sufficient time to gather necessary and relevant data, to specifically consider the question of whether the fee should be reduced to offset, either entirely or partially, those increased revenues. Such hearing may be held as a part of the public hearing held on the City budget, so long as this question is specifically addressed.