(a) San Francisco shall submit a report to the Joint Legislative Audit Committee on or before September 1 of each year describing the progress made on projects financed by the authority and on the implementation of the capital improvement program for the regional water system. (b) With regard to the projects financed by the authority, San Francisco shall include in the report, to the degree feasible, all of the following information: (1) The expenditure of the bond proceeds. (2) The expenditure on each project relative to budget and schedule. (3) A description of the physical portion of each project completed compared to schedule. (4) Significant revisions to a budget or schedule, including the reason for the change and the plan or effort taken to complete the project in accordance with the original budget and schedule. (5) A description of potential service impacts of schedule delays and measures planned or being taken to reduce the risks of long-term service interruptions. (6) The plan for work remaining, including projected schedule and cost for each project completion relative to original budget and schedule. (c) With regard to the implementation of the regional water system` s capital improvement program, San Francisco shall include in the report all of the following information: (1) The status of current projects, without regard to the source of financing. (2) Modifications to the capital improvement program relative to the capital improvement program adopted by the San Francisco Public Utilities Commission in May 2002, noting the significance of any change in schedule and project completion dates that decrease or increase the risk of long-term service interruptions to the customers of the regional water system. (3) A description of measures planned or taken to reduce risk if a project is delayed.