Counties and municipalities receiving revenues from state aid, currently known as Aid to Subdivisions, shall submit annually to the Comptroller General a financial report detailing sources of revenue, expenditures by category, indebtedness, and other information as the Comptroller General requires. The federal revenue sharing document may be substituted for the financial report as long as it is required by the Federal Office of Revenue Sharing. The Comptroller General, in conjunction with the Budget and Control Board, Division of Research and Statistical Services, shall determine the contents and format of the report and the date of submission. Failure to submit the report shall result in the withholding of ten percent of the current year's state aid. The Budget and Control Board, Division of Research and Statistical Services, is responsible for maintaining existing financial data bases as exists with the Federal Office of Revenue Sharing. In conjunction with the Comptroller General, Advisory Commission on Intergovernmental Relations, and the University of South Carolina Bureau of Governmental Research and Service, the Division of Research and Statistical Services of the Budget and Control Board shall produce a comprehensive report of this data and submit it to the General Assembly no later than June first of each year.