Section 14F. On or before the fifteenth day of October of each year, the commissioner is hereby authorized and directed to file with the house and senate committees on ways and means and the clerks of the house of representatives and the senate and the joint committee on commerce and labor a report which contains a proposal of an adequate and proper average balance to be maintained and credited to the commonwealth's account in the Unemployment Trust Fund during the ensuing calendar year and a statement of the actual balance then projected to be credited to the commonwealth's account during such year. Such report shall describe in detail the criteria employed by the commissioner in formulating such a proposal for an adequate and proper average balance and in developing such a projection relative to the actual balance, including but not limited to an explanation of the economic assumptions and projections related thereto, an analysis of the effect upon such balances of actual or proposed amendments to federal and state law relative to unemployment compensation, and a comparison of the actual balance then credited to the commonwealth's account in the Unemployment Trust Fund with the actual balances then credited to the accounts of other states, both in terms of the amount of monies so credited and in terms of such monies as a percentage of total wages paid. If the commissioner's proposal of an adequate and proper average balance for the ensuing calendar year exceeds the commissioner's statement of the projected actual average balance for such year, then the report shall in addition include recommendations for such legislative actions as the commissioner deems appropriate to ensure that an adequate and proper average balance is maintained in favor of the commonwealth during such year, provided, that recommendations for legislative action, if any, shall be accompanied by drafts of legislation necessary to carry such recommendations into effect. On or before the fifteenth day of every month of the calendar year next following the submission of the report required by the first sentence hereof, the commissioner is hereby further authorized and directed to file with the chairman of said committees an updated report detailing the most recently available statement of the actual balance then credited to the commonwealth's account in the Unemployment Insurance Trust Fund together with a revised statement of the actual balance then projected to be credited to the commonwealth's account during such year.