Not later than the fifteenth day of January of each year the Commission shall submit to the Governor and to the General Assembly a report covering the administration and operation of Chapters 27 through 41 of this Title during the preceding fiscal year and shall make such recommendations for amendments to such chapters as the Commission deems proper. Such reports shall include a balance sheet of the moneys in the fund in which there shall be provided, if possible, a reserve against the liability in future years to pay benefits in excess of the then current contributions, which reserves shall be set up by the Commission in accordance with accepted actuarial principles on the basis of statistics of employment, business activity and other relevant factors for the longest possible period.