Any district receiving funds pursuant to this chapter shall maintain a separate account for any fees paid and shall file a report with the Council on the balance in the account at the end of the previous fiscal year and on the facilities leased, purchased, or constructed during the previous fiscal year. In addition, the report shall specify which attendance areas will continue to be overcrowded when the fall term begins and where conditions of overcrowding will no longer exist. Such report shall be filed by October 15th of each year and shall be filed more frequently at the request of the City Council.