(a)      Each county, municipal corporation, and taxing district in the State:

            (1)      Except as provided in paragraph (2) of this subsection, shall by the first day of November after the close of the fiscal year file with the Department of Legislative Services, its financial report covering the full period of that fiscal year; or

            (2)      With a population of more than 400,000, may by the first day of January after the close of the fiscal year file with the Department of Legislative Services its financial report covering the full period of that fiscal year.

      (b)      The reports required by subsection (a) of this section shall be:

            (1)      Properly filled in on the form or forms established by the Department as provided in this subtitle; and

            (2)      Verified by the chief executive officer of each county, municipal corporation, and taxing district.